Global, local firms to revive Peshawar Block

International and local energy companies have agreed to form a joint venture to inject new life into the Peshawar Block, which has remained inactive for several years, and recommence exploration and development activities.

To discuss the revival of the Peshawar Block, a high-level meeting was held on Wednesday between Federal Minister for Petroleum Ali Pervaiz Malik and the senior leadership of international and local energy firms.

The minister met with Hycarbex American Energy CEO Pierce Onthank and Mari Energies CEO Faheem Haider at the Ministry of Petroleum. The executives briefed the minister on a landmark transaction wherein Mari Energies partnered with Hycarbex and Fatima Petroleum for exploration work in the Peshawar Block.

The new collaboration between Hycarbex, Mari Energies and Fatima Petroleum will form a joint venture to recommence exploration and development activities.

Federal Minister Ali Pervaiz Malik commended the companies for their initiative and investment, calling the revival of the block a positive step towards enhancing domestic oil and gas production.

"The commitment shown by these companies to unlock the potential of this block is commendable. It is crucial for our goal of indigenisation and sustainability of fuel supplies and we assure them of full support and facilitation," the minister stated.

He highlighted the government's broader reform agenda for the energy sector, focused on ensuring its long-term sustainability and attracting foreign direct investment. He emphasised that transformation of the Directorate General of Petroleum Concessions was underway and it would be guided by industry-led expertise to foster a more efficient, transparent and investment-friendly environment.

Hycarbex Energy CEO Pierce Onthank expressed his enthusiasm for the opportunity, stating "the energy opportunity in Pakistan is incredible. Our company is committed to this market and alongside our work on the Peshawar Block JV, Hycarbex American Energy is also working on three other blocks in the country. We have done substantial investment in Pakistan. We are confident that this collaboration will yield significant results for Pakistan's energy landscape."