Pakistan achieves a breakthrough in offshore oil and gas exploration after 20 years, as successful bids were received for 23 blocks in the offshore bidding round, $80 million investment to be made in the first phase.
According to the Petroleum Division, the investment during drilling for subsea oil and gas is likely to reach one billion dollars. The successful bids cover an area of fifty-three thousand five hundred and ten square Kilometres. The strategy of simultaneous exploration in the Indus and Makran basins was successful.
The successful bidding round is a reflection of the confidence of investors in the upstream sector. According to the Petroleum Division, Turkia Petroleum, United Energy Orient Petroleum, and Fatima Petroleum participated. OGDCL, PPL, Mari Energies, and Prime Energy are among the successful bidders.
This breakthrough will enable the country to improve its oil reserves and attract major investment oil and gas sector. Pakistan largely depends on foreign countries for its large use of petroleum products and imports a huge quantity of petroleum products.
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