Oil exploration license awarded to Kuwaiti Company
The government of Pakistan has awarded Exploration Licence (EL) over Block # 3371-19 (Makhad) to Kirthar Pakistan BV, subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), on strategic partner basis (government to government basis). Petroleum Concession Agreement (PCA) was aslo signed between the two parties.
Makhad Block is located in districts Attock, Mianwali and Chakwal of Punjab province and Kohat of Khyber Pakhtunkhwa. The total area of aforesaid block is 1,562.92 sq km. M/s KUFPEC has committed 980 work units to be earned in Makhad Block during first three years of exploration licence.
The work programme will be discharged by acquiring either 600 L.Kms 2D seismic data or equivalent work units by acquiring 3D seismic data and by drilling + 4,500 metres exploratory well. The KUFPEC will invest minimum US $ 9.8 million in Makhad Block. Apart from minimum firm work commitment the company is obligated to spend a minimum of US $ 30,000 per year in Makhad Block on social welfare schemes.
M/s KUFPEC Pakistan Holdings BV has been working in Pakistan since 1987. M/s KUPFEC’s share in current production of Pakistan is 161 bbls of oil per day and 108 mmscf of gas per day