Hycarbex-American Energy Inc, Mari Energies, and Fatima Petroleum have agreed to form a joint venture (JV) to restart exploration and development activities in the Peshawar block. The block, which had been inactive for several years, is now set for revival under this collaboration.
A high-level meeting was held on Wednesday between Federal Petroleum Minister Ali Pervaiz Malik and senior executives from the energy sector. The discussion focused on resuming development activities in the block and boosting domestic energy production.
The minister met with Pierce Onthank, CEO of Hycarbex-American Energy, and Faheem Haider, CEO of Mari Energies, at the Ministry of Petroleum. The executives briefed him about a landmark transaction that brings Hycarbex, Mari Energies, and Fatima Petroleum together for the project.
Minister Malik welcomed the initiative, calling it a positive step toward enhancing Pakistan’s oil and gas output. He praised the commitment of the companies and assured full government support to facilitate their work. According to him, restarting development activities in the block will strengthen Pakistan’s energy security and reduce reliance on imports.
The minister also highlighted the government’s broader reform agenda for the energy sector. He said the transformation of the Directorate General of Petroleum Concessions (DG PC) would be driven by industry expertise to create a more transparent and investment-friendly environment.
Pierce Onthank expressed his optimism, stating that Pakistan holds great energy potential. He added that Hycarbex is committed to investing further, with ongoing projects in three other blocks across the country. He noted that the new JV for Peshawar block would play a key role in shaping Pakistan’s energy future.
Industry observers believe that resuming development activities in Peshawar block will bring new investment opportunities and help meet growing energy demand. The initiative also signals stronger cooperation between local and international energy firms.
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