ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Cabinet Division.
Federal Minister for Economic Affairs Division, Minister for Interior, Minister for Privatization, Minister for Maritime Affairs, Minister for National Food Security and Research, SA PM on Finance and Revenue, Adviser to PM on Commerce, Adviser to PM on Institutional Reforms and Austerity, SA PM on Energy and Governor State Bank of Pakistan attended the meeting.
The ECC approved the summary moved by the Ministry of Energy (Petroleum Division) for the revalidation of the ECC approval for exploration activities in Block-8 Iraq by Pakistan Petroleum Limited (PPL). The government of Pakistan allowed PPL to undertake the committed exploration activities with a minimum financial obligation of US$100 million (in 2012); out of which US$77.6 million have already have been invested. ECC allowed the revalidation with the direction to the PPL Board to revalidate the feasibility of investment.
During the Peoples Party’s Government in November 2012, Iraq has signed a final contract with Pakistan Petroleum Limited (PPL), giving it the right to explore gas Block 8, covering an area of 6,000 sq.km in the Diyala and Wassit provinces in eastern Iraq.
At present, the company’s portfolio, together with its subsidiaries, consists of 48 exploration blocks, out of which 28 are PPL-operated (including Block-8 in Iraq being operated by PPL Asia) and remaining 20, including three offshore blocks in Pakistan and one onshore block in Yemen, are partner operated, said PPL on its website.
