ISLAMABAD - Minister for Petroleum Division Omar Ayub Khan Monday said the Petroleum Division of the Energy Ministry was going to initiate a three-round bidding process to award 40 new oil and gas exploration blocks.
He made these remarks during the question hour session in response to member National Assembly (MNA) Shamim Ara Panhwar for the quantum of reserves of gas and oil expected to be discovered from sea.
The bidding would be completed in 12 months and would help attract foreign investment in the country, he said.
Omar said the awards will be issued for various sites across the country. The hit drilling ratio or the success rate of oil and gas well drilling is 1:3.”
KEKRA-I, he said was not a failure rather it was 2,000 meters drilling in water and 5,000m in soil whereas the pressure kick was of water. The project failed because it was not exact science rather a persistent process of experimentation to gain desired output, he added.
To a question by MNA Muhammad Hashim on total number of oil and gas wells being drilled in Balochistan, the minister responded that since 1963 to 2019 almost 18 wells had been drilled across the province.
To another question by MNA Mehboob Shah, he said a total of 33 renewable energy (RE) projects with a cumulative capacity of 1,716.97 MW were developed during the tenure of the last two governments.