ISLAMABAD: Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) and Halliburton, a world-known US company, Wednesday signed a Memorandum of Understanding (MoU) to collaborate in oil and gas exploration projects which will be executed in the province.
CEO KPOGCL Raziuddin Razi and Senior Vice President Middle East and North Africa Ahmed Kenawi signed the agreement here at the KP House, which was witnessed by Secretary KP Energy and Power Naeem Khan.
The Halliburton’s HR Director Nabeel Ahmed was also present on the occasion. As per the MoU terms, Halliburton would provide KPOGCL with latest technology software, introduce and recommend latest technology in terms of exploration and production of oil and gas from KP province.
Besides, the US company would provide training to local manpower about use of modern technology and software, bringing their professional skills at par with international standards. CEO KPOGCL Raziuddin said since 2013, due to KP’s robust contributions towards national grid in terms of hydrocarbons production, Pakistan has saved billions of rupees foreign exchange.
Terming the agreement an important step towards restoring confidence of foreign investors, he said more international companies, seeing a conducive business environment, would arrive Pakistan to invest in diverse fields.
Recounting achievement of KPOGCL, the CEO said the company’s current oil production was around 51,000 barrel per day (bd), which was 20,000 bd four years back, adding the company had the target to bring the number to 200,000 bd by 2025 gradually.
While, the production of natural gas had been brought to 430 mmcfd (million cubic feet per day) from 330 mmcfd when the current provincial government took over in 2013. The company had set the target to provide produce 2,000 (billion cubic feet per day) gas by 2025, he added.
Whereas, the LPG production has been brought to 550 ton per day from 10 ton and would be taken to 3,000 ton per day by 2025. Halliburton’s Senior Vice President Ahmed Kenawi spoke about vision of his company to promote and share technology to developing nation to train young professionals with cost-effective techniques and efficient planning models.
“All commitments from our side will be followed in letter and spirit and we will provide all assistance to help achieve KPOGCL, KP Province and most importantly Pakistan’s goals in oil and gas sector,” he remarked.