After successful onshore oil and gas exploration, the Oil and Gas Development Company Limited (OGDCL) will soon undertake offshore oil and gas exploration in the Arabian Sea, Managing Director of the Company, Arshad Nasar recently indicated. For this purpose, an exploration license with government holdings and petroleum production sharing agreement with OGDCL has been signed by the government over a block covering an area of 1,492 square kilometres located in the Arabian Sea. In an interview, the MD said the company will invest an amount of $1.14m during the first two years of the initial term of the license. Nasar said the company has succeeded to spud 50 wells last year and is 100 percent owner in 28 exploration blocks.