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KPOGCL striving to attract investment in its exploration blocks

KPOGCL striving to attract investment in its exploration blocks

ISLAMABAD: Khyber Pakhtunkhawa Oil and Gas Company Ltd (KPOGCL) is striving to attract investment for its exploration blocks located in different potential areas of the province.

According to a press release of the company issued here Tuesday, a spokesman of KPOGCL said the company was inviting the heads and delegations of Exploration and Production (E&P) Companies operating in Pakistan to brief them about the hydrocarbon potential in KP province.

He said the province has great oil and gas reserves and its huge deposits have been discovered in southern belt of the province, including district Kohat and Karak.

“Khyber Pakhtunkhawa has opened up new avenues of economic development in the province through the exploration of its indigenous oil and gas reserves,” he said, adding that due to the enabling environment created by the government through KPOGCL, the province has become the largest oil producer province in the country.

The spokesman said currently the company was producing more than 50 percent of national crude oil, 380 million cubic feet of gas and 350 tons of LPG per day. “KP holds promise for new exciting discoveries, particularly in Kohat Basin which has become main area of focus after successful discoveries by OGDCL and MOL. Most of the area of KP is still lying unexplored and therefore, there is potential of future hydrocarbon prospects in the province,” he added.

According to an estimate, he said, the province has natural gas recoverable reserves of some 9 trillion cubic feet (TCF) and oil reserves exceeding 500 million barrels.

“The presence of hydrocarbons provides various opportunities of investment in exploration, drilling refineries, blending units and transportation. Given the high success rate of drilling  1:2.8 gives the Exploration & Production an impetus to enter Khyber Pakhtunkhawa,” the spokesman said.