Previously, the well was being operated by Ocean Energy Inc.
In a statement Syed said, “Previous operator Ocean Energy Inc had suspended drilling on the blocks for security reasons, after which PPL assumed Ocean Energy’s 85% share and the operatorship.”
“A 3-D seismic survey revealed that the first drilling was off the structure [and] PPL now plans to invest about US$15 million in the venture. If drilling is successful, it would give a tremendous boost to Gwadar development, meeting the energy requirements of Gwadar, Pasni, Turbat, and the adjoining coastal belt areas of Bauchistan province,” he added.
PPL now holds a 95% share in the Block with the balance held by Pakistan’s Government Holding (Pvt.) Ltd.
