ISLAMABAD, May 22 (APP):Petroleum Division Wednesday signed Petroleum Concession Agreement (PCA) and exploration licence for Makhad block with Kirthar Pakistan.
The signing ceremony was witnessed by Federal Minister for Petroleum
Omar Ayub Khan.
The minister on the occasion appreciated the hard work of Directorate General of Petroleum Concessions and said efforts would be beneficial to provide additional hydrocarbon reserves during next few years.
The Minister said that agreement would not only attract foreign direct investment in the petroleum sector but would also contribute in bridging the energy demand and supply gap, said a press release issued here.
Makhad Block is located in districts of Attock, Mianwali and Chakwal of Punjab province and Kohat of Khyber Pakhtunkhwa. The total area of aforesaid block is 1,562.92 square meter.
M/s KUFPEC has committed 980 work units to be earned in Makhad Block during first three years of exploration licence.
The aforesaid work program 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 m exploratory well. KUFPEC will invest minimum US$ 9.8 Million in Makhad Block. Apart from minimum firm work commitment, company is obligated to spend a minimum of US $ 30,000 per year in Makhad block on social welfare schemes.
Petroleum Division signs concession agreement with Kirthar Pakistan
