Kuwait Foreign Petroleum Exploration Company (KUFPEC) said its unit Kirthar Pakistan signed an exploration concession agreement for a block in Pakistan.
Block No. 3371-19 (Makhad), which covers an area of approximately 1,560 square kilometres, 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 with Mian Asad Hayaud Din of the Federal Secretary Petroleum Division in the presence of the Federal Minister of Petroleum of the Islamic Republic of Pakistan, H.E. Omer Ayub Khan, KUFPEC said in a statement.
“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,” Shaikh Nawaf said.
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.