Islamabad, Nov 4: PPL Granted License to Begin Production at Sui Gas Field. The main stock exchange was notified on Monday that Pakistan Petroleum Limited (PSX: PPL) had been awarded a Development and Production Lease (D&PL) over the Sui Gas Field.
The stock filing said, “In compliance with the Pakistan Onshore Petroleum (Exploration & Production) Rules, 2013, the competent authority has approved the grant of Development and Production Lease (D&PL) over the Sui Gas Field to the Company (100% Working Interest), covering an area of 455.80 Sq. KM, for a period of ten (10) years, effective from 1st June 2015 to 31st May 2025.”
After 60 years, the original Sui Mining Lease (ML) ended in 2015. In accordance with Rule 30(A) of the Rules, the Company applied to the Director General Petroleum Concessions (DGPC) for the granting of a D&PL over Sui Field.
As of September 30, 2024, the entire amount owed for the Production Bonus, Lease Extension Bonus, and Social Welfare/Training Obligations is Rs. 52.5 billion.
The D&PL is qualified for an extension under the rules, and considering the Sui Field’s economics and commercial output, In compliance with the Rules, the Company intends to seek a lease period extension.
In order to fulfill its financial responsibilities as authorized by the Federal Government and pursue additional D&PL extensions in compliance with the Rules, the Company will now engage into the D&PL and Petroleum Concession Agreement (PCA).
