Islamabad, October 12, 2012 (PPI-OT): Government of Pakistan on 12th October, 2012 executed an Exploration Licence (EL) over block no. 2467-14 (Jati) falling in Zone-Ill with Kirthar Pakistan B.V. (KPBV) (Operator) and Pakistan Petroleum Limited (PPL) holding 75% and 25% working interests respectively, covering an area of 2465.33 sq. kms located in district Thatta, Sindh province.
The JV has committed to undertake 330 work units in the Licence area amounting to US $ 3.3 million during the Phase-l (first 3 years) of the initial term of the Licence. The work programme includes 500 line kms 2D seismic survey and drilling of two exploration wells.
2. KPBV is a wholly owned subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), existing under the laws of The Netherlands. KUFPEC is active in Africa, Middle East, Far East, Australia and South East Asia regions. The company has been active in Pakistan since the mid of 1980 and currently holding working interests in Qadirpur, Zamzama, Kadanwari, Bhit and Bhadra, Sukhpur and Zarghun blocks.
3. The Licence has been granted on government to government basis under the provision of Petroleum Exploration and Production Policy 2009 as a result of personal efforts of Dr. Asim Hussain who has desired that Ministry of Petroleum and Natural Resources should be dynamic to meet the new challenges faced in meeting energy needs.
The Minister has also emphasized that since execution of new Exploration Licences/Petroleum Concession Agreements forms an integral part of the Government’s drive to attract investment in oil and gas sector, therefore, maximum number of exploration licences may be executed with the multinational as well as public sector/local E and P Companies to achieve the desired goals to cater for the energy requirements of the country in the shortest possible time.
4. The execution ceremony was witnessed by Dr. Asim Hussain, Minister / Advisor to Prime Minister for Petroleum and Natural Resources. The Exploration Licence and the Petroleum Concession Agreement were signed by Dr. Waqar Masood Khan, Secretary Petroleum and Natural Resources, Mr. Qazi Mohammad Saleem Siddiqui, Director General Petroleum Concessions, Mr. A. Naser Y. AI-Fulaij, Deputy Managing Director, KUFPEC and Mr. Asim Murtaza Khan, CEO/Managing Director, PPL.
For more information, contact:
Ministry for Petroleum and Natural Resources
Tel: +9251 921 0220 -9206416
Fax: +9251 921 3180