Islamabad: The government plans to auction 10 new blocks for oil and gas exploration in the first quarter of this year – a news source reported.
The government previously awarded 10 exploration contracts to oil and gas companies through open bidding. The Petroleum Division is working on a strategy to reinvigorate oil and gas exploration activities in the country.
A study has warned that existing deposits will deplete by 60% by 2027. It also called for increasing exploration activities in areas with potential oil & gas deposits on a priority basis.
Moreover, the petroleum ministry has announced that it anticipates the discovery of a gas reserve as sizeable as Sui field. This was disclosed by Irtiza Syed, CEO of ExxonMobil.
Sharing the details, Syed said that Exxon hopes to complete its drilling activities by March or April. So far, the company has drilled 1,900 feet into the well. The target depth is 5,500 feet.