Petroleum Exploration (Pvt) Ltd (PEL) has a number of exploration licences, development & production leases. It is currently producing 40 MMCFD of gas from two of its concessions which is about 1% of the total natural gas production of Pakistan. PEL has the largest exploration acreage among the private sector E&P companies, the portfolio includes 6 development & production / mining leases, 9 onshore blocks, 3 offshore blocks and 3 overseas blocks, besides working interests in another block operated by a public sector company. PEL plans to drill many exploratory and development wells during coming years.
PEL has been pursuing the policy of forging strategic alliance through joint venture partnership with a number of national and multinational oil & gas companies.
Offshore Exploration. With the award of three offshore exploration licences, Petroleum Exploration (Pvt) Ltd has become the first private sector oil & gas exploration & production company in Pakistan that is venturing into the realm of offshore exploration in Indus Offshore J, O & P blocks, located in the deep waters of Arabian Sea. Losing no time PEL undertook 2-D seismic in the three offshore blocks in the first available weather window and 3-D seismic over identified leads in the second weather window. It is in advanced stage of interpretation before opting for drilling.
Overseas Oil & Gas Exploration. PEL is the first private sector Pakistani energy company to engage itself in the overseas exploration in North Africa. It has signed Petroleum Agreement and Association Contract for exploration and exploitation of hydrocarbons in three blocks called Haha-1, Haha-2 and Haha-3 in the Kingdom of Morocco. PEL holds 75% working interests and is the operator while its joint venture partner ONHYM, the Moroccan state oil & gas company, retains 25% stakes. PEL has carried out 3-D seismic in prospective Tamanar area and is ready to drill exploratory wells.