| Peshawar: The Khyber Pakhtunkhwa (KP) government has signed a PKR 20 billion oil exploration agreement for the Miran Block in North Waziristan, marking a significant step towards boosting Pakistan’s energy sector.
The signing ceremony took place at KP House in Islamabad, with Chief Minister Ali Amin Gandapur attending as the chief guest. The agreement was signed between Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) and a consortium comprising Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL).
Under the agreement, KPOGCL will hold a 51% stake in the Miran Block, securing the same percentage of profits, while the remaining 49% will be owned by the OGDCL-led consortium. The entire investment for the exploration project will be provided by OGDCL and other consortium partners, ensuring no financial liability for the provincial government in case of losses.
Read: OGDCL begins oil & gas production at Baloch-2 well in Sindh
Officials at the event highlighted the strong potential for discovering significant oil and gas reserves in the Miran Block. CM Gandapur emphasized that the project is a milestone for both KP and Pakistan, with the potential to address the country’s ongoing energy crisis.
He further stated that the exploration project would create employment opportunities, drive regional development, and contribute to economic stability. Gandapur also criticized past policies for neglecting KP’s rich energy resources, reaffirming the province’s crucial role in Pakistan’s energy production.
KP currently contributes 42% of the country’s total crude oil production, 13% of its natural gas output, and 40% of its LPG production. The new exploration initiative is expected to further strengthen KP’s position as a key player in Pakistan’s energy sector. |
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