The order followed an application by Mojisola Owoseni of Lexavier Partners, legal practitioners, legal counsel to AMCON in suit number FHC/ABJ/CS/945/19 against ABC Orjiako, Shebah Exploration and Production
Company Limited, with RC No 499348, and Allenne Limited.
Oman Oil Company Exploration and Production
holds a 30 per cent interest and PC Oman, a wholly owned subsidiary of Petronas, holds remaining 10 per cent interest.
Exploration and production
companies are for this purpose defined as the companies classified by the index provider FTSE Russell as belonging to subsector 0533 Exploration and Production
This was part of a proposed new petroleum exploration and production
policy under which the prime minister was informed that the costs of imported oil, gas and LNG were 'prohibitively expensive and unsustainable' and the recent gas price shock that created a public outcry was just the beginning of tough times coming.
The objective of the policy is to attract new investment in exploration and production
(E&P) sector, intensification of exploration activities in hitherto unexplored areas and liberalizing the policy in producing basins.Ee
In addition, Eni has signed a Head of Agreement (HoA) with the Ministry of Oil and Gas and British Petroleum (BP) that set up the principals for the acquisition of the exploration and production
rights to the onshore Block 77 for an area of 3.100 sqkm, around 30km east of the BP-operated Khazzan gas field.
While welcoming ENI's interest in expanding its business in Pakistan, the Prime Minister said there is a huge potential for the Exploration and Production
companies to take advantage of the growing energy needs of the economy.
He appreciated the efforts of organizers and participants and encouraged them to continue to discuss the challenges and the means and tools of sustaining exploration and production
activities and ensure indigenous supplies of oil and gas continues.
The company has recently won bids for two new exploration blocks, Digri and Sanghar South, which lie adjacent to its Mirpurkhas Khipro concession areas, translating to an onshore footprint of over 10,000 square kilometers and the largest offshore acreage give to any single exploration and production
company in Pakistan so far - located 250 km south of Karachi in ultra deep waters.
The exploration and production
agreements will be allocated through a competitive bidding process.
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