Mari Petroleum signs exploration agreement

Mari Petroleum signs exploration agreement

KARACHI: Mari Petroleum Company Limited (MPCL) on Monday announced that it has executed a farm-in agreement.

The company signed the with MOL Pakistan Oil and Gas Co. B.V. for acquisition of significant working interest in Margala Block. The company signed the deal to collaborate resources and efforts to jointly perform exploration activities.

The Block is situated in the Potwar Basin in the vicinity of Islamabad. The assignment of working interest shall be subject to Government approval.

This farm-in is part ofMPCL’s aggressive strategy not only to increase its exploration acreage, reserves replacement ratio and maximizing shareholder’s value. it will also meet Country’s increasing energy demand from indigenous resources and lowering the burden of imported fuels on national economy.

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