Sheikh Saud Al-Sabah and Mian Hayaud ink agreements

KUWAIT: Kuwait Foreign Petroleum Exploration Company's (KUFPEC) Pakistan subsidiary Kirthar Pakistan BV (KPBV) yesterday signed petroleum exploration license and petroleum concession agreements for Makhad block in Pakistan, a press release said.

The Makhad block No 3371-19 covers an area of approximately 1,560 square kilometers. It is located in the Attock, Chakwal and Mianwali districts of the Punjab province and in the Kohat district of the Khyber Pakhtunkhwa province.

Sheikh Nawaf Saud Nasir Al-Sabah, KUFPEC's Chief Executive Officer, signed the agreements on behalf of KPBV. Mian Asad Hayaud Din of the Federal Secretary, Petroleum Division signed the agreements on behalf of Pakistan in the presence of Pakistan's Minister of Petroleum Omer Ayub Khan, the release said.

At the signing ceremony, Sheikh Nawaf said, "KUFPEC is proud of its strong strategic partnership with Pakistan which is reflected by our successful investments exceeding $1 billion in Pakistan since 1987." He said the Makhad Block will be the third asset operated by a KUFPEC subsidiary in Pakistan and the first in the Punjab province.

KPBV plans to work closely with Pakistan's national oil companies and the provincial holding company of Punjab in relation to KPBV's operations in the Makhad Block. At this stage, KPBV anticipates acquiring seismic data and drilling one exploration well. KUFPEC is an international upstream company engaged in exploration, development and production of crude oil and natural gas outside Kuwait and is a wholly-owned subsidiary of Kuwait Petroleum Corporation, the release added.

Sheikh Saud Al-Sabah was scheduled to call on Pakistan Prime Minister Imran Khan at his office later yesterday.