20 new E and P blocks to bring over $71 mln investment: PD.

ISLAMABAD -- The Petroleum Division (PD) Friday opened the bids it received for 20 new onshore oil and gas Exploration (E and P) blocks and expressed confidence that with the auction more than $71 million investment would pour in the country during a three-year period.

The Director General (Petroleum Concessions) has publicly opened the bids for grant of 'Petroleum Exploration Rights' here. 'The minimum investment to be carried out by the E and P companies in these Blocks for prospecting will be over $71 million in three years,' a PD news release said.

Apart from the E and P activities, the successful companies would also spend over and 1.3 million in carrying out social welfare activities in their respective blocks. 'For the blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production,' the PD added.

The auction was part of the incumbent government's strategy to revive the E and P activities in the country which had been ignored by the previous governments.

The Petroleum Division said the incumbent government believed in reducing reliance on oil and gas imports by introducing...