Pakistani petrol exploration and production organizations are set to contribute more than $33 million under new agreements, as reported by the country's energy ministry.
These arrangements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), finished paperwork for eight blocks by different organizations, including Oil & Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL), United Energy Pakistan (UEP) and Pakistan Petroleum Limited (PPL) .
The base venture by these organizations for prospecting in these blocks is supposed to be more than $33.3 million in three years.
The investments expect to foster hydrocarbon reserves and add to spanning the energy demand and supply gap in Pakistan. The nation vigorously depends on exorbitant oil imports as it is just 16.35 percent self-sufficient in oil production.
