Prime Minister Imran Khan says government is working on a new petroleum policy offering incentives to foreign exploration and production companies and removing impediments in way of smooth and profitable business ventures.
He was talking to a delegation led by Chief Executive Officer Kuwait Petroleum Shaikh Nawaf Saud Al-Sabah in Islamabad on Wednesday.
The Prime Minister welcomed Shaikh Nawaf Saud Al-Sabah and his delegation to Pakistan and assured Government’s continued support to the company in their smooth business operations.
He highlighted various steps taken by the government for improving ease of doing business and facilitation of foreign investment. He observed that exploration remained a neglected area in past.
The Prime Minister appreciated company’s contribution towards imparting training to the local manpower in exploration and production sector.
Shaikh Nawaf Saud Al-Sabah briefed the Prime Minister about Kuwait Petroleum’s business ventures in Pakistan since 1980s in the area of exploration. He evinced keen interest in further expanding business activities in the country.
Meanwhile, the government has executed Petroleum Concession Agreement and Exploration License over Block No.3371-19(Makhad) to Kirthar Pakistan B.V., the subsidiary of Kuwait Foreign Petroleum Exploration Company on strategic Partner basis.
The signing ceremony was graced by Minister for Petroleum Omar Ayub Khan.
The Minister said these efforts will bear fruits for the country in the form of additional hydrocarbon reserves during the next few years.
He said execution of the exploration license and PCA will not only attract foreign direct investment in the petroleum sector but will also contribute in bridging the energy demand and supply gap.
Makhad Block is located in districts, Attock, Mianwali and Chakwal of Punjab province and Kohat of Khyber Pakhtunkhwa.