Pakistan's Oil & Gas Development Gets 2 Exploration Licenses

KARACHI Sep 20, 2005 (Dow Jones Commodities News via Comtex)

Pakistan's government Tuesday granted petroleum exploration licenses to Oil & Gas Development Co. (OGDC.KA), the country's biggest oil exploration company, for two new blocks.

Located in southern Sindh and central Punjab provinces, the blocks cover a total area of 4,938 square kilometers.

"A minimum firm investment of over $4.18 million and a contingent investment of $6.25 million will be made in the said two blocks," according to a government statement.

OGDC, the biggest company on the Karachi bourse in market capitalization terms, operates 25 exploration licenses and 39 leases. It also has interests in 32 non-operated leases.

The firm produces 31,350 barrels of oil, 856 million cubic feet of gas, 265 tons of liquified petroleum gas and 68 tons of sulfur a day.

In January, the company discovered 220 billion cubic feet of natural gas reserves in southern Balochistan province.

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