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ISLAMABAD, Oct 01 (APP): Federal Minister for Petroleum Ali Pervaiz Malik and senior leadership from the international and local energy sector met on Wednesday to discuss the revival of Peshawar Block.
The Minister met with Mr Pierce Onthank, Chief Executive Officer of Hycarbex-American Energy, and Faheem Haider, CEO of Mari Energies, at the Ministry of Petroleum.
The executives briefed the Minister on a landmark transaction wherein MariEnergies has partnered with Hycarbex American Energy Inc, and Fatima Petroleum for Peshawar Block, said a news release.
The Peshawar Block had remained inactive for several years. The new collaboration between Hycarbex-American Energy, Mari Energies and Fatima Petroleum will form a Joint Venture (JV) to recommence exploration and development activities, injecting new life into the project.
Federal Minister Ali Pervaiz Malik commended the companies on their initiative and investment. He termed the revival of the block a positive step towards enhancing domestic oil and gas production.
“The commitment shown by these companies to unlock the potential of this block is commendable. It is crucial for our goal of indiginization and sustainability of fuel supplies, and we assure full support in facilitating its advancement,” stated the Minister.
Malik also highlighted the government’s broader reform agenda for the energy sector, focused on ensuring its long-term sustainability and attracting foreign direct investment.
He emphasized that the transformation of the Directorate General of Petroleum Concessions (DG PC) is underway and will be guided by industry-led expertise to foster a more efficient, transparent, and investment-friendly environment,” the Minister added.
Pierce Onthank, CEO of Hycarbex-American Energy, expressed his enthusiasm for the opportunity, stating, “The energy opportunity in Pakistan is incredible. Our company is committed to this market, and alongside our work on the Peshawar Block JV, Hycarbex-American Energy is also working on three other blocks in the country. We have made substantial investment in Pakistan. We are confident that this collaboration will yield significant results for Pakistan’s energy landscape.”