The subsidiaries companies of petroleum ministry have signed an exploration license for oil and gas blocks in Islamabad.

According to details, Federal Minister for Energy, Omar Ayub attended the ceremony and welcomed the implementation of the license.

Speaking on the occasion, Omar Ayub said that social and economic development would be beneficial for remote areas of exploration activity while exploration activities would also increase domestic energy production in the country.

He added that the exploration blocks include Cholistan, Wali West, Punjab and Shakkar Ganj West while all four blocks have been contracted out to OGDCL, Maripur Petroleum, PPL and the blocks will be completed within three years.

The Federal Minister said that the expected investment in the blocks would be US $ 144.1 million, while companies would be obligated to spend at least US $ 30,000 / year on social and economic well-being activities in each block.