ISLAMABAD, Feb 11: Pakistan on Friday granted two exploration licences over Block No 3071-3 (Multan North) and Block No 2971-3 (Multan South) to Oil and Gas Development Company Limited (OGDCL).

The Block No 3071-3 covering an area of 2498.97 sq km is located in Leiah, Jhang, Khanewal, Multan and Muzaffargarh districts, Punjab.

Minimum work commitment in this block entails purchase and reprocessing of 400 L. km of existing 2D seismic data, G&G studies, Sequence Strati-graphic studies, acquisition processing and interpretation of 550 L. km of 2D seismic data and drilling of one optional exploratory well. Total work commitment costs $6.10 million.

The Block No 2971-3 covering an area of 2480.78 sq km is located in Khanewal, Vihari, Lodhran and Multan districts, Punjab. Minimum work commitment in this block entails purchase and reprocessing of 400 L km of existing 2D seismic data, G&G studies, Sequence Strati-graphic studies, acquisition processing and interpretation of 550 L km of 2D seismic data and drilling of one optional exploratory well.

Total work commitment costs $6.10 million. OGDCL is a public limited company engaged in exploration and production activities for the decades. It holds the largest share of oil (48pc) and gas (35pc) out of total reserves in the country.

Its percentage share of total oil and gas production in Pakistan is 47 per cent and 25 per cent, respectively. At present OGDCL holds a 100-per cent ownership in eight exploration licences and is a partner in another three exploration licences operated by other exploration and production companies.

Exploration licences and petroleum concession agreements were signed by Ahmad Waqar, Secretary of ministry of petroleum and natural resources, on behalf of the president of Pakistan and witnessed by G.A. Sabri, Director General, Petroleum Concessions, whereas Mohammad Raziuddin, Managing Director of OGDCL, signed the agreement on behalf of OGDCL.