KUFPEC Signs License & Petroleum Concession Agreement in Pakistan

Source: www.gulfoilandgas.com 5/22/2019, Location: Asia

Kuwait Foreign Petroleum Exploration Company, K.S.C.C. (KUFPEC) is pleased to announce the signing by its subsidiary, Kirthar Pakistan B.V. (KPBV), of the Petroleum Exploration License and Petroleum Concession Agreement for Block No. 3371-19 (Makhad) in Pakistan.

The Makhad Block covers an area of approximately 1,560 square kilometers and is located in the Attock, Chakwal and Mianwali Districts of the Punjab Province and in the Kohat District of the Khyber Pakhtunkhwa Province.

Shaikh Nawaf Saud Nasir Al-Sabah, KUFPEC’s Chief Executive Officer, signed the agreements on behalf of KPBV. Mr. Mian Asad Hayaud Din of the Federal Secretary Petroleum Division signed the agreements on behalf of the Islamic Republic of Pakistan in the presence of the Federal Minister of Petroleum of the Islamic Republic of Pakistan, H.E. Mr. Omer Ayub Khan.

At the signing ceremony, Shaikh Nawaf said that “KUFPEC is proud of its strong strategic partnership with the Islamic Republic of Pakistan, which is reflected by our successful investments exceeding US$ 1 billion in Pakistan since 1987.” He also stated the Makhad Block will be the third asset operated by a KUFPEC subsidiary in Pakistan and the first in the Punjab Province.

KPBV plans to work closely with Pakistan’s national oil companies and the provincial holding company of Punjab in relation to KPBV’s operations in the Makhad Block. At this stage, KPBV anticipates acquiring seismic data and drilling one exploration well.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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