5 E&P companies pay Rs2.197 billion as royalty

Five hydrocarbon Exploration and Production (E&P) companies working in Pakistan have paid Rs2.197 billion on account of royalty on oil during the last three years.
A report says these companies have discovered oil reserves in their 29 fields located in different parts of the country during the last three years.
They include United Energy Pakistan Limited, Oil and Gas Development Company Limited, Pakistan Oilfields Limited, Pakistan Petroleum Limited and Mari Petroleum Company Limited.
Of them, OGDCL and PPL would spend around Rs1.384 billion to carry out welfare schemes and development projects in their operational areas during the current fiscal year under the Corporate Social Responsibility (CSR) initiatives.
OGDCL has earmarked Rs1,019 million and PPL Rs365.7 million under their CSR programs to be executed in 2019-20.
Every year, OGDCL and PPL allocate around one percent and 1.5 percent of their pre-tax profit to provide facilities like education, health, clean drinking water, vocational training and infrastructure development in their respective oil and gas producing districts under the Petroleum Concession Agreements