Oil and gas exploration: Bidding process for Miranshah Block completed

PESHAWAR: The Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL), a provincial government company engaged in oil and gas exploration, has completed the bidding process for the sale of its 49 percent share in Miranshah Exploration and Production Block located in North Waziristan and Kurram districts.

An official handout said that KPOGCL had launched the bidding phase in June 2024 following the decision of the 51st meeting of the Council of Common Interest.The KPOGCL had invited all public sector exploration and production companies including OGDCL, MPCL, PPL and GHPL to submit their financial proposals.

Furthermore, in the bidding round held on September 13, 2024, the OGDCL-led consortium, in which GHPL, PPL and MPCL bid for the 51 percent share in KPOGCL during the exploration phase, bear 100 percent of the actual costs and all costs incurred after commercial discovery made an extraordinary offer, promising to forgive. In addition to this, the overwhelming response resulted in a tie in the first round of bidding. Consequently, the management of KPOGCL, under the direction of the Board of Directors (BOD), initiated a second round of bidding to break the tie, which was held on 9 December 2024. Concluded. A consortium led by OGDCL, OGDCL, PPL and GHPL won the second phase of bidding successfully.

As a result, the successful completion of the bidding process is mainly due to the hard work of the Board of Directors including the chief minister Khyber Pakhtunkhwa, Chief Secretary KP, Advisor Finance KP, Special Assistant to Chief Minister on Energy and Power and Secretary Energy and Power completed this milestone successfully. On this occasion, the Chief Executive of KPOGCL, Engr. Nasir Khan has reiterated his commitment that through this process, direct investment of Rs22 billion will be made in the province. This achievement will make the company more stable and a new era of sustainable development will begin in the province he added.