joint venture (JV) led by the Oil and Gas Development Company Limited (OGDCL) has successfully secured a 49% stake in the Miran Block, located in North Waziristan and Kurram Districts of Khyber Pakhtunkhwa. The company announced the development in a statement to the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to inform you that the OGDCL-led consortium emerged successful in the second bidding round,” the company stated.
The Miran Block stake was first announced by Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL), which will hold a 29% working interest and operatorship of the block. The consortium also includes Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL), each holding a 10% working interest as JV partners.
OGDCL emphasized that participation in the bidding round aligns with its long-term strategy to focus on its core business, accelerate exploration activities, and enhance hydrocarbon reserves.
“Participation in the bidding round aligns with the Company’s strategy to invest in its core business, accelerate exploratory activities, and augment hydrocarbon reserves,” the company added.
