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    MOL Buys Stake in Pakistani, Omani Oil, Gas Blocks

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Summary

Hungarian energy group MOL has signed agreements with Mari Petroleum Company Limited (MPCL) to acquire 30% interest in the Ghauri exploration block in Pakistan, and 25% interest in the MOL-operated Block 43B in Oman.

by: Shardul

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Asia/Oceania

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MOL Buys Stake in Pakistani, Omani Oil, Gas Blocks

Hungarian energy group MOL has signed agreements with Mari Petroleum Company Limited (MPCL) to acquire 30% interest in the Ghauri exploration block in Pakistan, and 25% interest in the MOL-operated Block 43B in Oman.

In Oman, with the acquisition of 25% in Block 43B, MOL has increased its interest to 100%, the company said in a statement. Drilling of the first exploration well is in progress and test result is expected in third quarter of 2013.

Ghauri block is close to MOL’s Margala blocks and the block is operated by MPCL with 35% interest, the other partner is Pakistan Petroleum Limited with 35% stake. First exploration well is expected to be drilled this year. MOL expects the block to contain good amounts of oil and gas.

The transactions are subject to the approval of the Omani and Pakistani governments.

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