E&P firms to invest $33m for oil, gas search

Exploration and production (E&P) companies are poised to invest $33.3 million over the next three years in eight blocks to search for hydrocarbon reserves in an attempt to overcome the energy crisis in the country.

These companies on Wednesday inked petroleum concession agreements (PCAs) with the government and got exploration licences.

The exploration blocks awarded to Oil and Gas Development Company (OGDC) were Kotra East (2,867-8), Murradi (2,767-7), Sehwan (2,667-19) and Zindan-II (3,271-9).

Pakistan Oilfields Limited (POL) got Multanai (3,168-3) block while Sawan South (2,668-26) went to United Energy Pakistan Limited (UEP) – a Chinese E&P company.