Petroleum Exploration (Pvt) Ltd (PEL) has successfully acquired key energy assets from the Kuwait Foreign Petroleum Exploration Company (KUFPEC), which includes oil and gas concessions located in Dadu, Kirthar, Tajjal, and Qadirpur. This strategic acquisition also involves the Bhit and Qadirpur leases, further enhancing PEL’s exploration portfolio and strengthening its foothold in Pakistan’s energy sector.
PEL has emphasized that the acquisition of some of the country’s most energy-rich regions will play a pivotal role in unlocking Pakistan’s untapped energy potential. It is expected to solidify PEL’s position in the industry and contribute to the country’s energy security amid growing challenges.
Shahzad Zaheer, CEO of PEL, expressed that this acquisition aligns with the company’s long-term strategy of exploring global energy resources and discovering new energy opportunities to meet Pakistan’s rising energy demands. “This expansion will extend our local presence and ensure a more secure energy future for Pakistan at a time when the sector faces immense challenges,” Mr. Zaheer stated.
The energy sector in Pakistan is currently grappling with multiple issues, including increasing energy demands, high import costs, and insufficient domestic production. PEL believes that the added reserves and production capacity from these newly acquired assets will help reduce the country’s reliance on costly energy imports such as Liquefied Natural Gas (LNG).
The acquisition marks a significant step towards addressing Pakistan’s energy shortfall, aiming to ensure a sustainable and cost-effective energy future for the country.
