SINGAPORE Mar 22, 2007 (Dow Jones Newswires)
Pakistan's state-owned Oil and Gas Development Company Ltd. has acquired a contract for oil exploration in an offshore block, the Business Recorder reported Thursday.
The offshore block is located in the Arabian Sea and the company is expected to sign a production sharing agreement with the Pakistan government later Thursday, the paper said.
The area of the block is about 2129.91 square kilometers, according to the paper.
The oil and gas exploration firm already owns 16 of the 33 oil and gas exploration license granted by the government. It is also bidding for three more offshore blocks that are likely to be awarded soon.
OGDCL-operated fields produced about 31,511 barrels of oil per day and 847 mmcfd of natural gas in fiscal year 2005-06.
Fourteen wells have been drilled offshore Pakistan, but so far none of them have proved economical for further production.
Copyright (c) 2007 Dow Jones & Company, Inc.
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