Islamabad: A delegation of M/s Kuwait Foreign Petroleum Exploration Company KUFPEC met with Dr. Asim Hussain, Minister / Advisor to Prime Minister for Petroleum and Natural Resources here Thursday.
During the meeting the delegation appreciated the incentives provided in Petroleum Policy 2012 promulgated recently by the Government of Pakistan.
Encouraged by the new Policy, they informed that the Government of Kuwait is interested in acquiring two exploration licenses over Paharpur block no. 31705 and Ranipur block no.
276811 on Government-to-Government basis under clause 2.3 of Policy 2012 for which they have already submitted applications to DGPC.
Recently, the Government of Pakistan has granted a block namely “Jati” on Government-to-government basis as a result of personal efforts of Dr. Asim Hussain who has desired that Ministry of Petroleum & Natural Resources should be dynamic to meet the new challenges faced in meeting energy needs.
Dr. Asim Hussain has also emphasized that since execution of new Exploration Licenses/Petroleum Concession Agreements forms an integral part of the Government’s drive to attract investment in oil & gas sector, therefore, maximum number of exploration licenses may be executed with the multinationals as well as public sector/local E&P Companies to achieve the desired goals to cater for the energy requirements of the country in the shortest possible time.