LONDON, UK: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, participated in the bidding round for two blocks in Sindh and Punjab provinces on June 20, 2023.
The company was the highest bidder for Zindan-II block in Sindh and Sehwan-III block in Punjab, which have a combined area of 5,000 square kilometers and are located in the Lower Indus Basin, a prolific hydrocarbon region.
However, the official approval for these block awards from the Directorate General of Petroleum Concessions (DGPC), the regulatory authority for the oil and gas sector, is yet to be received.
OGDCL said that it is confident of securing the approval from DGPC, as it has met all the technical and financial requirements for the bidding process. The company said that it will invest in exploration activities in these blocks, which have significant potential for oil and gas discoveries.
OGDCL is a state-owned company that holds the largest portfolio of exploration licenses in Pakistan, covering 23% of the total area under exploration. The company produces about 45% of the country’s oil and 29% of its gas. The company has been actively pursuing new opportunities to expand its exploration and production activities both domestically and internationally.