Khyber Pakhtunkhwa Oil and Gas Company Ltd (KP-OGCL), an independent company owned by the KP government and Heritage Resources Ltd, a company incorporated in Hong Kong signed a Memorandum of Understanding (MoU) on Sunday for oil and gas related projects, including but not limited to geological and geophysical field works, 2D & 3D seismic data acquisition, drilling and related services, stockiest, pipeline, refinery, exploring seepages, warehousing/cargo village and investment in Concessions, jointly acquiring Concession Blocks.
The Chief Executive Officer (CEO) KP-OGCL Raziuddin and Director HR-Ltd. Khaled Hamedi signed the MoU on behalf of their respective companies while Chief Minister KP Pervez Khattak and vice president RCCC LIU Ruchen witnessed besides others.
The MoU will also offer farm-out opportunities in KP's concession blocks offered by KPOGCL as G2G and both the companies will sign separate agreements for each project and JV.
The scope of the MoU includes developing joint strategies to work as a prime contractor in Pakistan, especially Khyber Pakhtunkhwa on case to case basis. KP-OGCL will offer Investment Opportunities in its Concession Blocks to explore and develop future prospects under KP-CPEC. HR-LTD will arrange State-Owned companies and provide the investment, for G2G deals in different projects related to E&P in KP-CPEC.
Both the parties will work on project to project basis, where profitability of the project will be one of the acceptance criteria for the Parties as per scope defined in CPEC Frame of Work by Government of Pakistan.
Signing the MoU is a milestone achieved by KP government that international financial houses are intending to make huge investments in the Province. It will bring international companies from abroad including China to invest in KP in accordance with the vision of Chief Minister Pervez Khattak and the PTI led government in the Province in the larger interest of the general public particularly the people of the Province.
Economic, financial and social growth of KP province are the key performance parameters and on top priorities of the Provincial Government. The exploration of oil and gas will increase the resource base of the Province and thus usher in a new era in the welfare of the people there.
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