The Petroleum Division of Pakistan announced the opening of bids for oil and gas exploration in the country. The Directorate General of Petroleum Concessions (DGPC) invited bids for 10 exploration blocks, receiving positive responses for 6 onshore blocks.
The initial investment for the 6 onshore blocks is projected to be $23.2 million over the next three years. This important investment indicates a promising outlook for oil and gas exploration in the country. This is according to DGPC.
The successful bidders have also pledged to spend $540,000 annually on social activities. This is a show of their commitment to sustainable development within the communities surrounding the areas of exploration.
The opening of this bids has raised so much optimistic expectations in the energy sector. With the hope that it will lead to discovery of new oil and gas reserves and further boost the country’s energy security and economic growth.
The details of the successful bids, including the names of the companies and the specific blocks awarded, are expected to be announced soon. This will provide an insight into the future of the country’s oil and gas sector.
This bidding process is one of the many initiatives of the Pakistani government, which shows its commitment to attracting investment in the oil and gas sector. This will not only boost the nation’s energy but will also benefit the lives of the people of Pakistan.