ISLAMABAD: Global and local energy firms have decided to breathe new life into the long inactive Peshawar Block, forming a joint venture to restart exploration and development activities that could boost Pakistan’s oil and gas production.
The decision was made during a high-level meeting on Wednesday between Federal Minister for Petroleum Ali Pervaiz Malik and top executives of international and local companies. The meeting was attended by Hycarbex American Energy CEO Pierce Onthank and Mari Energies CEO Faheem Haider at the Ministry of Petroleum.
Executives briefed the minister on a major transaction through which Mari Energies has partnered with Hycarbex and Fatima Petroleum. The three companies will now work together on exploration and development in the Peshawar Block, which has remained dormant for several years.
Minister Ali Pervaiz Malik welcomed the initiative, describing it as a “positive step” toward strengthening domestic fuel resources. “The commitment shown by these companies to unlock the potential of this block is commendable. It is crucial for our goals of self-reliance and sustainability, and we assure them of full support and facilitation,” he said.
The minister further highlighted the government’s ongoing reforms in the energy sector, particularly the restructuring of the Directorate General of Petroleum Concessions, which will now function with greater transparency, efficiency, and investor confidence.
Hycarbex CEO Pierce Onthank voiced optimism about Pakistan’s energy sector, noting that the company was already investing in three additional blocks in the country. “The energy opportunity in Pakistan is incredible. We believe this collaboration will bring significant results and help shape the future of Pakistan’s energy landscape,” he remarked.
The revival of the Peshawar Block through this joint venture marks a milestone in efforts to attract foreign investment and strengthen the country’s energy independence.
