Pakistan, March 26 -- Oil and Gas Development Company Limited (OGDCL), one of Pakistan's largest E&P, has approved an increase in its funding commitment towards the Reko Diq project to $627 million.
The E&P disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
"The Board of Directors of the company has approved an increase in the company's funding commitment with respect to the project, reflecting its pro rata share of total capital investment, inclusive of project financing costs, to $627 million (to be adjusted for actual project financing costs and inflation)," read the notice.
The decision follows an updated feasibility study outlining a 37-year mine life, divided into two phases, with Phase 1 having ...