Islamabad: A Kuwaiti petroleum exploration company has signed a concession agreement with Pakistani authorities pertaining to the Makhad oil blocks in Punjab and Khyber Pakhtunkhwa (KP), a news source reported.
The state-run Kuwait Foreign Petroleum Exploration Company (KUFPEC) signed the agreement with the federal government on behalf of its subsidiary, Kirthar Pakistan (KPBV).
Petroleum Secretary Hayauddin and Petroleum Concessions Director General Qazi Mohammad Saleem Siddiqui signed the agreement on behalf of the Pakistani government.
KUFPEC, which is the international oil and natural gas exploration and production unit of the Kuwait Petroleum Corporation, will invest a sum of USD 9.8 million in the block.
As per the agreement, the company will also invest an amount of USD 30,000 on an annual basis in Makhad block for the development of social welfare schemes.
