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Pakistan awards 23 offshore oil blocks to domestic consortia, pledging $80M in initial exploration.
Pakistan has awarded 23 offshore oil exploration blocks to four domestic-led consortiums in its first bidding round in nearly two decades, covering about 53,500 square kilometers.
Winning groups include state firms OGDCL and PPL, along with MariEnergies and Prime Energy, backed by international partners such as Turkey’s TPAO, Hong Kong’s United Energy Group, and others.
The consortiums pledged $80 million in initial exploration spending, with potential investments reaching $750 million to $1 billion if drilling proceeds.
The move aims to boost energy security and reduce reliance on oil imports, following the withdrawal of major firms like Exxon Mobil after a 2019 drilling failure.
The offshore zone, bordering energy-rich nations, has seen only 18 wells drilled since 1947, underscoring limited exploration.
Pakistán otorga 23 bloques petroleros en alta mar a consorcios domésticos, prometiendo $ 80 millones en exploración inicial.