Oil exploration licence granted to New Horizon joint venture

Islamabad: The government on Friday granted petroleum exploration licence to the Joint Venture of New Horizon Exploration and Production Limited (NHEPL) (60 percent operator) and Kuwait Energy Company (40 percent) over Block No 2468-9 (Jherruck) covering an area of 733.79 square kilometers.

The block lies in Hyderabad and Thatta districts of Sindh, falling in Zone-III. The Joint Venture intends to make an investment of $95 million in the aforesaid block to carry out geological and geophysical studies, acquisition of 150 square kilometers of 3D seismic data or 350 line kms 2D seismic data and drilling of two exploratory wells during phase-I of the initial period of three years. The NHEPL is a local entity and operator with 60 percent working interest, in another Block No 2468-7 (Kunri) located in eastern Sindh.

The Kuwait Energy Company (KEC) is a rapidly growing exploration and production company, which is active in Egypt Oman, Yemen, Indonesia, Syria and Russia. KEC is the largest non government exploration and production company in Kuwait. It is also 40 percent working interest owner in Kunri block with NHEPL.

The licence and the petroleum concession agreement were signed by Petroleum and Natural Resources Secretary Farrukh Qayyum, on behalf of the President of Pakistan, Director General Petroleum Concessions, Mohammad Naeem Malik, Chairman and CEO of NHEPL Syed Wamiq Bokhari and CEO of KEC Mrs Sarah H M Akbar.

Petroleum and Natural Resources Minister Ahsanullah Khan graced the occasion along with other senior officials of the ministry including Additional Secretary Shaukat Hayat Durrani.