BUDAPEST, March 14: Hungarian oil group MOL said it had agreed with Mari Petroleum Company Limited (MPCL) to buy a 30 per cent stake in the Ghauri exploration block in Pakistan.

MOL also agreed to buy a 25 per cent stake in the 43B block in Oman, becoming full owner of that block.

If Pakistan’s government approves the deal, MOL will co-own the Ghauri block with Mari Petroleum Company Limited and Pakistan Petroleum Limited, with the latter both having 35 per cent stakes.

“This increases MOL’s presence in both Pakistan, where we had great success in the Tal block and in Oman, one of the main strategic target areas of MOL Group,” said MOL chief executive Jozsef Molnar.

The Ghauri block is in the first exploration phase and the consortium intends to drill the first exploration well this year.—Reuters