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flag Pakistan awards 23 offshore oil blocks to domestic consortia, pledging $80M in initial exploration.

flag 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. flag 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. flag The consortiums pledged $80 million in initial exploration spending, with potential investments reaching $750 million to $1 billion if drilling proceeds. flag 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. flag The offshore zone, bordering energy-rich nations, has seen only 18 wells drilled since 1947, underscoring limited exploration.

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