The federal government of Pakistan has awarded 23 new offshore oil and gas blocks to Mari Energies, officials confirmed.
The Petroleum Division had earlier announced successful bids for offshore exploration, attracting submissions for 23 blocks in the sea. Out of these, Mari Energies will operate 18 blocks as the lead operator and hold five blocks as a joint venture partner.
Authorities said Mari Energies has notified the Pakistan Stock Exchange regarding the awards. According to the Petroleum Division, the initial phase of offshore exploration is expected to involve an estimated $80 million in investment, which could rise to $1 billion during drilling operations.
The awarded blocks cover a total area of approximately 53,510 square kilometers, with four energy companies participating as joint venture partners.
