ISLAMABAD, Jan 03 (APP): Minister for Energy Hammad Azhar on Monday said Pakistan Tehreek-i-Insaf (PTI) government had so far held two bidding rounds for the award of new oil and gas Exploration and Production (E&P) blocks, and the third one would be conducted in March. Advertisements for the purpose have already been published, he tweeted.
Contrary to the PTI government’s efforts to accelerate oil and gas exploration activities in potential areas to meet the country’s ever-growing energy needs, the minister said the past regime of PML-N did not conduct even a single bid-round during its five-year tenure.
Under the third round, Hammad Azhar a few days back tweeted that 14 new oil and gas E&P blocks located in different parts of the country would be awarded.
The blocks, spanning over 24,000 square kilometre area, have the resource potential of tapping around 15 Trillion Cubic Feet (TCF) gas and 180 Million Barrel (MBL) oil. The new bidding round would bring around $100 million investment and initiate $1.2 million social welfare schemes in surrounding localities of the awarded blocks.
