ISLAMABAD, Feb 27: The Oil and Gas Development Company Limited (OGDCL) has announced acquisition of 70 per cent working interest along with operatorship in Guddu Block for IPR Transoil Corporation (IPRTOC).

According to a press release, the Guddu Block covers an area of 2,093.4 square kilometres over Sindh and Punjab provinces. The block lies in the middle Indus Basin within the largest gas producing fields of the country i.e., Sui, Qadirpur and Mari.

The joint venture of the OGDCL, IPRTOC and Government Holdings Private Limited (5pc carried) is committed to drill an exploratory well in the said block during the current calendar year.

The state-owned Oil and Gas Development Company Limited holds the largest share of oil (48 per cent) and gas (35 per cent) of the total reserves in the country. Its percentage share of total oil and gas production is 48 per cent and 22 per cent, respectively.

Presently, the Oil and Gas Development Company Limited is 100 per cent owner in 27 exploration licences.

In addition, it is the operator, as well as working interest owner in 13 exploration licences and partner in another six exploration licences operated by other exploration and production companies.

IPR Transoil Corporation is a multinational based in US and is currently operating in Egypt, US/Mexico and Pakistan.