Prime Minister Imran Khan announced that the government is working on a new petroleum policy, which offers incentives to foreign exploration and production companies.
He made these remarks after meeting a delegation led by Shaikh Nawaf Saud Al-Sabah, the chief executive officer of Kuwait Petroleum. During the meeting, the prime minister promised to support the company to ensure smooth business operations.
The prime minister further highlighted the various steps taken by the government for improving the ease of doing business and to facilitate foreign investments. He added that exploration remained a neglected area in past.
Shaikh Nawaf Saud Al-Sabah briefed the prime minister about Kuwait’s New Petroleum policy ventures in Pakistan since the 1980s in the area of exploration.
Separately, the government has signed a Petroleum Concession Agreement and Exploration License over Block No.3371-19 (Makhad) to Kirthar Pakistan B.V., with a subsidiary of the Kuwait Foreign Petroleum Exploration Company, on a strategic partner basis.
The agreement was signed by the Minister for Petroleum Omar Ayub Khan.
Khan said these efforts will prove beneficial for the country in the form of exploring additional hydrocarbon reserves during the next few years.
He said the execution of the exploration license will not only attract foreign direct investment in the petroleum sector but will also contribute to bridging the energy demand and supply gap.
The Makhad Block is located in the districts of Attock, Mianwali and Chakwal in Punjab province and Kohat in Khyber Pakhtunkhwa.