Pakistan Awards Two New Exploration Blocks To OGDC

The Government of Pakistan has awarded two new exploration licenses to the state-run Oil & Gas Development Co., or OGDC, a government statement said Tuesday.

OGDC, Pakistan's biggest oil and gas exploration company, is expected to invest up to $8.5 million in the two blocks through exploration activities.

The company plans to invest $4.78 million in Zamurdan block, which covers 2, 080 square kilometers in the central Punjab province. OGDC is expected to invest another $3.75 million in Saruna block, which covers 2,431 square kilometers in the southwestern Balochistan province.

OGDC, which was listed at the Karachi Stock Exchange last month, currently had 17 exploration licenses, 35 leases and interests in 28 non-operated leases.