PPL awarded two petroleum exploration licences

ISLAMABAD - The government on Thursday signed two Petroleum Concession Agreements for granting petroleum exploration rights to Pakistan Petroleum Limited (PPL) over Blocks No. 2467-12 (Jungshahi) and No.2568-18 (Gambat South).
The blocks awarded to PPL cover areas of 2,459.26 and 2,435.95 square kilometres respectively. Both these blocks fall in Zone-III as defined in the Petroleum Policy 2009.
Secretary Petroleum and Natural Resources Mahmood Salim Mahmood and Director General Petroleum Concessions Mohammad Naeem Malik on behalf of the President of Islamic Republic of Pakistan and Managing Director Khalid Rehman on behalf of Pakistan Petroleum Limited signed the agreement.
Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar, who witnessed the signing of agreements, said that the government was diligently promoting oil and gas production and exploration.
He underlined the importance of these agreements as being the first under the new petroleum policy signifying the Governments efforts in intensifying exploration and development of local oil and gas production. He emphasised that the E&P companies should come forward aggressively to share their experience and expertise in exploration of petroleum in Pakistan under the new policy.
Pakistan Petroleum Limited (PPL) would spend over $ 17.05m in the blocks to discharge its minimum work commitment of 1705 work units through acquisition, processing and interpretation of 2D/3D seismic and drilling of exploration well(s) during phase-I of the initial period of three years.
Pakistan is importing a huge volume of oil from different countries worth billions of dollars to meet the energy demand of the country. He expressed the hope that with these new ventures Pakistan would be able to save precious foreign exchange. APP adds: The minister expressed the hope that with these new ventures, the country would be able to save precious foreign exchange. Earlier, Syed Naveed Qamar Federal Minister for Petroleum and Natural Resources in an auspicious ceremony held at Alhamra Lahore, Wednesday distributed letters of reinstatement to the sacked employees and executives (253 Management Trainees and 825 SNP Staff) of SNGPL. He also advised the SNGPL Management to prepare the case of the induction of 235 children of its deceased employees.
The minister also distributed share certificates under BESOS (Banazir Employees Stock Option Scheme) Programme to the employees of SNGPL. Under the scheme,12 percent of government holding would be transferred to the Benazir Employees Stoch Option Scheme amounting to 23.7 million shares.
Syed Naveed Qamar in his address stated that SNGPL work force is the Companys spearhead which will be further strengthened to achieve best results. He reiterated that the induction would further strengthen the Company and advised the reinstated employees to work with zeal and devotion as they would now be one of the owners of the company and would even be represented in the board of directors.
This would provide motivation and incentive to work harder not only for the company but also for their own benefit, he added. The President Central Bargaining Association (SNGPL) in his address appreciated the governments policies and its decision towards the reinstatement of the sacked employees of SNGPL for the betterment of the labour class.