Tullow-led Joint Venture Wins Pakistan Exploration License

The Government of Pakistan has awarded a Tullow-led joint venture an exploration license in the Nawazbshah district of the Sindh province. Tullow Pakistan (Development) Ltd, would be the operator of the license with a 45 percent stake and OMV Pakistan would have a 30 percent share. The exploration area is spread over 2,335 square kilometers. Under the terms of the exploration license, the joint venture is obligated to carry out geological and geophysical studies, 300-line seismic acquisition and drilling of one exploration well during the phase 1 of the initial three years. The joint venture has committed itself to invest $6.2 million on the exploration activity.

Tullow and OMV have been working in Pakistan since 1990. Tullow has acquired 14 exploration and development licenses in Pakistan. OMV is an operator in another license area and has a 10 percent stake in the country's largest Pak-Arab Refinery Co ltd (PARCO), a joint venture between Pakistan and Abu Dhabi.