Petroleum Division grants oil exploration licence to Kuwaiti firm.

ISLAMABAD -- The Petroleum Division has granted Kirthar Pakistan BV a subsidiary of Kuwait Foreign Petroleum Exploration Company (Kufpec) the license for exploration of oil in the Makhad block, a press statement by the energy ministry said on Wednesday. The division said that the government has executed an Exploration Licence (EL) as well as a Petroleum Concession Agreement (PCA) signed by Petroleum Division Secretary Mian Asad Hayauddin and Qazi Mohammad Saleem Siddiqui, the director general of Petroleum Concessions, and the CEO of Kuwait Foreign Petroleum Exploration Company (KUFPEC) at a ceremony also attended by Minister for Petroleum Omar Ayub Khan.

On the occasion, the petroleum minister said that 'the execution of PCA and EL will attract foreign investment in the petroleum sector...