Oil and Gas Development Company Limited (OGDCL), along with its consortium partners Pakistan Petroleum Limited (PPL) and Government Holding Company (Private) Limited (GHPL), has successfully acquired a 49% working interest in the Miran Block.
The exploration and production giant shared this development with the Pakistan Stock Exchange (PSX) through a notification on Wednesday.
“We are pleased to inform you that the OGDCL-led consortium has been successful in the second bidding round,” the company said in its notice to the PSX.
The bidding round, conducted by the Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL), gave OGDCL a 29% operating stake, with PPL and GHPL each getting 10% as partners in the joint venture.
The company said that participating in the bidding round is consistent with the company’s strategy to invest in its core business, accelerate exploration activities, and increase hydrocarbon reserves.