ISLAMABAD: For exploration of oil and gas in Paharpur block in Dera Ismail Khan, Tank and Bhakkar districts, the Pakistan government signed a memorandum of understanding with the Kuwait Petroleum Corporation and the Kirthar Pakistan BV.
The total area of the block is 2,260.79 sq km and minimum firm work commitment is $9.5 million, including drilling of two exploratory wells while the company is obligated to spend a minimum of $30,000 per year in the block on social welfare schemes.
Sheikh Nawaf Saud Nasir Al-Sabah, the CEO of Kuwait Foreign Petroleum Exploration Company, Secretary of Petroleum and Natural Resources Arshad Mirza and Saeedullah Shah, Director-General Petroleum Concessions signed the exploration licence and petroleum concession agreements.
During the tenure of this government, 17 leases have been granted, 173 wells have been spud and 47 discoveries made. Pakistan’s oil production touched the highest level on Dec 7, 2014 at 100,698 barrels per day.
