ISLAMABAD: The PML-N government is taking several measures to create the investment opportunities in the Exploration and Production (E&P) Sector and so far, 173 wells have been dug, 17 leases granted and 47 new discoveries recorded the two-year tenure of this government.
According to official sources of the Ministry of Petroleum and Natural Resources, the grant of 46 new blocks during the tenure of the current government has increased the area under exploration from 269,152 Sq km to 363,639 Sq km (35 per cent increase), which is now about 44 per cent of the total sedimentary area.
Moreover, around 32,000 bbl of oil production per day has been added and over 500 MMCFD additional gas has also been injected in the gas network system. Pakistan domestic oil production touched its highest level on December 7, 2014 – 100,698 barrels per day.
The aforesaid performance is the result of effective monitoring of E&P activities in accordance with the work commitments.
Various steps are also being taken to improve the regulatory oversight and procedures have been developed to streamline and facilitate the regulatory approvals.
An MoU was signed between the Government of Pakistan, Kuwait Petroleum Corporation, and Kirthar Pakistan B.V. Simultaneously, the Government executed Petroleum Concession Agreements (PCA) and Exploration Licence (EL) over Block No 3170-5 (Paharpur) with Kirthar Pakistan BV on March 13.
The Paharpur block is located in D.I Khan and Tank districts of Khyber Pakhtunkhwa with a small part in Bhakkar district of Punjab.
The total area of the block is 2260.79 Sq. Km and minimum firm work commitment is US$ 9.5 Million including drilling of two exploratory wells.
Apart from minimum work commitment, the company is obligated to spend a minimum of $30,000 per year in the block on social welfare schemes.
The company has been active in Pakistan since 1987with over $1 billion in investments and currently holding working interests in Qadirpur, Zamzama, Kadanwari, Bhit, Badhra, Sukhpur and Bolan Blocks, and is ranked 3rd largest producer of gas amongst foreign E & P Companies working in Pakistan.
