Hungarian oil and gas company MOL will start drilling in for oil in Pakistan's Margala block in March of next year and in the Margala North block by the end of October, MOL Pakistan managing director János Fehér told MTI.
MOL made the decision to drill based on research at the sites, Fehér said.
MOL owns 70% of the two blocks and Pakistan Oilfields Ltd owns 30%. MOL is in talks on selling a 20% stake in the blocks.
MOL expects success at the two blocks to be similar to that at its operations in Pakistan's Tal block. A new exploratory drilling will be started in the Tolanj region of the Tal block, and drilling at the Makori III well will be started as well, Fehér said. The drilling will cost more than $14 million as the process will be more complicated than usual.
The drilling is being financed by MOL and its partners in line with their stakes in the project.
MOL Pakistan on Wednesday inaugurated a $185 million gas plant in northwest Pakistan in which it is an 8% partner.
MOL has invested $100 million in Pakistan so far and its unit there employs 350 people.
MOL has drilled 13 wells in Pakistan since 1999. Ten of the wells were successful. (MTI – Econews)