PGNiG has acquired a 25 percent stake in the Musakhel concession block in central Pakistan. The company estimates the concession resources at 16 billion cubic meters of natural gas.
The group obtained shares under the so-called farm-in transactions, that is, covered them by agreement with concession partners and the consent of the Pakistani government. The concession partners are: Pakistan Petroleum, the concession operator (37.2% of shares), Oil & Gas Development Company (35.3%), PGNiG (25%) and Government Holdings Pvt. (2.5 percent).
The Musakhel concession block covers an area of 2,176 square kilometers. It is located in the northeastern part of the Pakistani province of Balochistan, in an area rich in natural gas.
The company will obtain more information on the resource potential of the Musakhel block thanks to seismic surveys, the beginning of which is scheduled for 2022.
Currently, PGNiG’s exploration and production activities in Pakistan are focused on the Kirthar license in the Sindh province, acquired in 2005. The company operates two fields – Rehman and Rizq.
Last year, gas production by PGNiG in Pakistan amounted to almost 300 million cubic meters. and it was over 50 percent. greater than the year before.