DGPC has publicly opened bids for 8 Onshore Blocks for grant of Petroleum Exploration Rights through open bidding on October 28, 2022 at Petroleum House, Islamabad. This was the second bidding round conducted during this year. Bids were received for 5 Blocks. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will be over USD 22.6 million in three years. Apart from E&P activities, the successful companies will also spend over USD 450,000 in social welfare for the areas of their respective Blocks. For blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production.
- The auction of new oil & gas blocks is aimed at less reliance on imports in the oil and gas by promoting and facilitating exploration in petroleum sector and transparency to ensure a level-playing field for all competitors in E&P sector. The onset of E&P activities will help to create job opportunities and possible decrease in import bill.