Gulf Oil and Gas accountACCOUNT

PETRONAS AWARDED TWO OFFSHORE BLOCKS IN PAKISTAN

Source: www.gulfoilandgas.com 7/4/2003, Location: Asia

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PETRONAS, together with TOTAL, OMV, Mari Gas Company Limited (MGCL) and Oil and Gas Development Company Limited (OGDCL), has been awarded an exploration and production contract for the offshore Indus Blocks G and H by the Government of Pakistan.

The Production Sharing Agreement (PSA) for the two blocks was signed on Thursday, 3 July, in Paris, France between the five companies as partners and the Government of Pakistan as well as Government Holdings of Pakistan.

Under the PSA, PETRONAS, through its subsidiary PETRONAS Carigali (Pakistan) Ltd, will hold a 30 per cent interest in the offshore blocks while TOTAL and OMV will own 40 per cent and 15 per cent stakes respectively. OGDCL and MGCL each hold 10 per cent and five per cent interests respectively. TOTAL has been appointed operator of the two blocks.

Blocks G and H, covering a combined area of about 15,000 square kilometres, are located in the deep offshore Indus Basin, some 300 kilometres from the city of Karachi. Water depths in the blocks range between 1,700 to 3,400 metres.

The award of the PSA marks another milestone in PETRONAS' entry into Pakistan: Blocks G and H will be the first offshore deep water blocks in Pakistan for the company. Currently PETRONAS operates two onshore blocks, Mubarak and Mehar, in the country.

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