20000315

PPL to obtain

share in OCP

offshore exploration

ASHRAF KHAN

KARACHI: Pakistan Petroleum Ltd (PPL) is about to finalise a deal for securing share in an offshore exploratory concession possessed by Ocean Corporation Pakistan, it is learnt.

The company has obtained approval from the government to farm in 10 percent working interest in each of the two blocks located in the waters off Pasni and Gawadar, official sources said. The concession is named after the two coastal areas of Balochistan province.

In line with the company's efforts to expand its existing exploration portfolio, PPL has also acquired 30 percent working interest in the Khanpur block and 20 percent working interest in Indus Delta block, operated by OMV of Austria, sources said.

Pakistan's energy sector is hopeful of discovering pioneer hydrocarbon deposits in the country's territorial waters.

Ocean Corporation Pakistan, a wholly owned subsidiary of Ocean Energy Inc of the US, is the operator and majority shareholder of the concessions. Lately, the operator has started drilling an exploratory well Ñ Gawadar-1 Ñ with a planned target depth of 3505 meters. The company is scheduled to reach the targeted depth by April-end sources said.