ISLAMABAD, April 16: The Government of Pakistan on Tuesday granted two petroleum exploration licences to the joint venture of Oil and Gas Development Company Limited (95 per cent) and Government Holdings (Pvt) Limited (5 per cent) in Block No. 3069-3 (Khajuri) zone II covering and area of 1,366.04 square kilometres and Block No. 3370-10 (Nashpa) with an area of 979.69 square kilometres in zone II.

The joint venture intends to make a risk investment of over $18.69 million in Nashpa Block and $2.606 million in Khajuri Block. During the initial term of these licences, they shall carry out seismic acquisition and processing of seismic data.

According to a statement issued here by OGDCL, it may be highlighted that OGDCL won very prospective Nashpa Block with a narrow margin through a highly competitive bidding process involving a number of national and expatriate exploration and production companies.

The Khajuri area falls in District Loralai of Balochistan province and is accessible from Punjab by D.G. Khan Loralai road.

The geological setup of the area has significant sedimentological as well as structural features and ought to be investigated for the exploration of hydrocarbon.