PPL may be allowed to go for Yemen Block 27

[LahoreEstate]

RECORDER REPORT
ISLAMABAD (April 12 2009): The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow Pakistan Petroleum Limited (PPL) to get oil and gas exploration rights of Block 27 in Yemen. Sources said that the Petroleum Ministry has moved a summary for ECC meeting scheduled for Monday to allow PPL to move in Yemen for oil and gas exploration activities.

PPL has already secured Block-29 for oil and gas exploration in Yemen in a joint venture with OMV, an Austrian company. This step is a milestone by virtue of being the first effort by a local public sector company to extend its exploration activities beyond the border with a minimum financial commitment of $15 million.

PPL is one of the pioneer exploration and production (E&P) companies in Pakistans oil and gas sector and has qualified to participate in the second field development bidding round for substantial E&P opportunities in Iraq, that was launched on December 31, 2008.

There were 35 companies which participated in the first bidding round, and PPL was among the 9 companies to qualify for the second round to participate bidding for 19 fields offered by the government of Iraq for development.

PPL is also expecting to sign a Memorandum of Understanding (MoU) with the government of Turkmenistan during the forthcoming visit of Dr Asim Hussain, advisor to Prime Minister on Petroleum and Natural Resources to Turkmenistan in the last week of April. A few other opportunities are currently in focus and in the process of technical screening and evaluation. These include Libya, Algeria, Morocco, Armenia, Uzbekistan, Senegal and Mauritania.

The Ministry of Petroleum and Natural Resources, under the guidance of the Prime Minister and Dr Asim, has asked PPL and OGDC to go international in pursuit of exploration and production of hydrocarbons, particularly in countries like Yemen, Libya, Iran, Turkmenistan and Iraq in a bid to secure the much-needed energy security and sustainable future for the country.

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