BVI Company granted Oil Exploration Licence in Pakistan

On last Monday the government of Pakistan granted two Petroleum Exploration Licences to the Orient Petroleum International Inc (OPII) and Zaver Petroleum Corporation Limited (ZPCL). OPII is a Joint Venture incorporated in the British Virgin Islands and functioning as Operator, and ZPCL is registered under the laws of Pakistan.

The licences were provided over Marwat Block 3170-2 covering an area of 1792.87 sq kms, and Maharvi Block 2972-3, covering an area of  2359.85 sq kms. It is said in a press release that the Marwat Block is located in the NWFP Province (Zone-I), and Maharvi Block ies in Bahawalpur, Bahawalnagar and Vehari in the Punjab Province (Zone II).

The BVI-domiciled Joint Venture is going to invest in both blocks US$4.8 million during initial term of three years. During this initial period, both companies will carry out geological and geophysical studies, 2D seismic acquisitions and drilling of one exploratory well.

Orient Petroleum International Inc. is an oil exploration and production company, which started petroleum exploration business in Pakistan in 1979. The company is producing crude oil/gas/condensate, and LPG from thirteen different fields. Current daily average production from the fields operated by OPII is 101 MMCF of Gas, 1732 barrels of oil/condensate, and 58 MT of LPG.

ZPCL is the private sector Pakistani company, which was incorporated in 1991 and has been actively involved in E&P activities.

The Licences and Petroleum Concession Agreements were signed by Ahmed Waqar, Secretary Petroleum and Natural Resources on behalf of the President Musharraf, Muhammad Naeem Malik, Director General Petroleum Concessions, Anwar Moin, Chief Operating Officer of OPII, and Usman Khattak Chief Operating Officer of ZPCL.

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