Islamabad: The Petroleum Division has announced its decision to auction 27 new Exploration and Production (E&P) blocks to promote the oil and gas drilling activity in various potential hydrocarbon areas of Pakistan, according to a news source published on September 27.
A senior official revealed that the advertisement for awarding 20 E&P blocks will be publicised in the first week of October – while seven offshore blocks will be auctioned in December.
He revealed that the incumbent government is taking every measure possible to counter the existing and future needs in the oil and gas sector effectively. He added that the country’s total sedimentary area is around 827,268 square kilometres and 39% of it is under exploration. These reserves are depleting at a rate of 9.5% per annum and the local gas production is around 3.7 Billion Cubic Feet (BCF) per day – against the demand of six BCF per day.
Reportedly, the government had awarded 10 new E&P blocks to promote drilling activities since coming into power in 2018 to counter any oil and gas shortages in the country and bridge the demand gap.