Kuwaiti agency will get licence to search out hydrocarbon reserves

Kuwaiti

In a bid to faucet idle oil and fuel reserves, the Ministry of Petroleum and Pure Assets has signed a memorandum of understanding (MoU) with Kuwait Petroleum Company and Kirthar Pakistan BV for hydrocarbon exploration within the Paharpur block.

Federal Minister for Petroleum and Pure Assets Shahid Khaqan Abbasi and adviser to the Ministry of Petroleum had been current on the event.

The MoU, exploration licence and petroleum concession agreements had been signed by Kuwait Overseas Petroleum Exploration Firm (Kufpec) CEO Sheikh Nawaf Saud Nasir Al-Sabah, Ministry of Petroleum Secretary Arshad Mirza and Director Basic Petroleum Concession Saeedullah Shah.

The agreements had been inked for block 3,170-5 (Paharpur), which is situated in Dera Ismail Khan and Tank districts of Khyber-Pakhtunkhwa in addition to in a small a part of Bhakkar district of Punjab.

Complete space of the block is 2,260.79 km and minimal agency work dedication is $9.5 million together with drilling of two exploratory wells. Other than the minimal work dedication, Kirthar is required to spend a minimal of $30,000 per 12 months within the block on social welfare schemes.

The Kuwait authorities has taken eager curiosity within the upstream petroleum sector and intends to speculate extra within the exploration of oil and fuel in Pakistan.

Pakistan has a big sedimentary basin protecting about 827,268 sq. km and unfold over onshore and offshore fields. A majority of the realm has remained unexplored or under-explored.

In an effort to step up exploration and manufacturing, 173 wells have been drilled, 47 discoveries made and 17 leases granted through the tenure of the present authorities.

Pakistan’s oil manufacturing touched its highest stage on December 7, 2014, hitting 100,698 barrels per day.

That is the results of efficient monitoring of exploration and manufacturing actions in accordance with the work commitments.

Numerous steps are additionally being taken to enhance regulatory oversight and procedures have been developed to streamline and facilitate the method.

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