PakTribune.com (Pakistan): Petroleum exploration licence for Offshore to Shell joint venture grants: Saturday December 24, 2005

ISLAMABAD, December 24 (Online): The Government executed Petroleum Exploration Licence with Government Holdings (Pvt) Limited (GHPL) and Petroleum Sharing agreement among GHPL, Shell Development & Offshore Pakistan B.V (Shell), Premier Oil Pakistan Offshore B.V (Premier), Kufpec Pakistan, Oil and Gas Development Company Limited (OGDCL), and Pakistan Petroleum Limited (PPL) for Offshore Indus E Block, covering an area of 7389.95 Sq.Kms.

The execution ceremony was held in the presence of Minister of State for Petroleum and Natural Resources Mir Muhammad Naseer Mengal. The Licence and Production Sharing Agreement were signed by the Secretary Petroleum and Natural Resources Ahmed Waqar on behalf of the President Pakistan, Mohammad Naeem Malik, Director General Petroleum Concessions; Khursheed Anwer, CEO/Managing Director, GHPL; Farooq Rahmatullah, Country Chairman Shell; Muhammad Raziuddin, Managing Director, OGDCL; Munsif Raza, Managing Director, PPL; Mazhar Farooq, General Manager, Premier and Abdullah Nibari, Manager Middle East, Kufpec.

The executed block is situated 150 Kms off the coast of Karachi in water depth of more than 1000 meters. Shell will operate this block with 25 percent participating interest. The working interest of other partners are: OGDCL 30 percent, PPL 20 percent, Kufpec 12.50 percent, Premier 12.50 percent. The minimum investment being committed by the joint venture partners is US $ 18 million to drill one exploration well in deep waters of Offshore Indus E block in 2006 (next year).

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