Government of Pakistan has awarded the Petroleum Concession Agreement (PCA) and Exploration License over Taung Block (2567-12) to Mari Petroleum Company Limited (MPCL) and Pakistan Oil Fields Limited (POL) on Friday with 60% and 40% working interests respectively against the work commitment of 617 Work Units. The PCA is signed between the President of the Islamic Republic of Pakistan through the Ministry of Energy (Petroleum Division) and MPCL & POL.
Taung Block (2567-12) is located in Jamshoro district of Sindh Province, having an area of 150.67 Sq.km falls in hydrocarbons prospectivity Zone-III. The block lies in a prospective area with good possibilities of medium reward as significant gas discoveries have been made to the north of the block. Taung Block is interpreted as prospective in terms of hydrocarbon potential and has good chance for finding a sizeable discovery, subject to firming-up of prospect. MPCL has carved out an aggressive exploration plan to evaluate the hydrocarbon potential through seismic acquisition followed by drilling of exploratory wells during initial period of three years.
MPCL has a rich history of growth and operations in Sindh and operating the country’s largest gas reservoir at Mari Field. MPCL has the sole distinction of the most rigorous/forceful Operator pursuing exploration activities in frontier, high security sensitive and challenging regions of the country on a fast track basis by deploying its own seismic units and drilling rigs.
MPCL’s exploration & production assets are spread across the four provinces comprising of 10 operated, 06 non-operated Exploration Licenses, and 07 Operated and 04 non-Operated Development & Production Leases. In addition, the Company enjoys the highest exploration success rate of 70% in the country.
Signing of Taung PCA/EL is in consonance with Company’s efforts to enhance its exploration portfolios through open bidding in pursuit of adding new reserves in the Company’s hydrocarbon reserve balance which shall result in enhanced company’s production and ultimately increased revenues.