By NNN-KUNA
Kuwait : Kuwait Energy Co. and Pakistan’s New Horizon have won a concession for exploring oil and gas in Pakistan.
Sara Akbar, deputy CEO of Kuwait Energy, told Kuwait News Agency (KUNA) that both companies would invest USD 9.5 million during the first three years of the exploration stage.
This investment will be used in the conduction of geological and geophysical studies and three-dimensional seismic surveys at an area of 150 square kilometers, and the digging of two exploratory wells, she said.
Kuwait Energy and New Horizon will prospect for oil and gas at Jork strip at Hyderabad-Tata, she said.
It is the second strip in Pakistan to be won by both Kuwaiti and Pakistani companies, she added.
Akbar hailed Kuwait Energy as non-governmental exploratory company that is growing fast thanks to the implementation of several projects within a short period of time in Egypt, Oman, Yemen, Indonesia, Russia, Ukraine and Pakistan.
Pakistani Minister of Oil Ihsan Khan and several Pakistani oil officials were present in the signing ceremony.
Last week, Kuwaiti Minister of Commerce and Industry Falah Al-Hajri, who was on an official visit to Ukraine, launched the first investment project there, comprising gas and condensed gas production fields, owned by Kuwait Energy Co.
He hailed the project as a great step towards a further promotion and development of cooperative relations with Ukraine.
During the visit, Ukrainian Minister of Economy Bohdan Danylyshyn welcomed Kuwaiti investments in his country, saying that the Gulf state’s private sector had great potential that made it a strong competitor for Ukrainian investment opportunities.
He said such investments had deepened bilateral economic and commercial relations, and Ukraine was currently looking into amending legislation to offer greater incentives to foreign investors.
Kuwait Energy Co., which has a paid capital of KD 50 million, seeks to produce 50,000 barrels of oil and gas per day by 2010 mainly in the Middle East region.