Investment in Pakistan's Offshore Blocks
The government has received bids for 23 offshore blocks, covering a total area of 53,510 square kilometers.
Total investments in drilling are expected to reach between $750m and $1b, reflecting growing investor confidence in Pakistan's upstream petroleum sector.
- Pakistan's leading national companies, including Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL), have submitted successful bids.
- International partners, such as Turkish Petroleum and United Energy, have also joined as joint venture partners.
The strong response reflects growing investor confidence in Pakistan's upstream petroleum sector.
A total of 4,427 work units have been committed during phase-I of the initial three-year licence period, representing an investment of approximately $80 million.
Author's summary: Pakistan receives bids for 23 offshore blocks with expected investments.