PESHAWAR: The government of Khyber Pakhtunkhwa transferred 49 percent shares of Miran Block, a significant area of oil and exploration in the tribal region of South Waziristan to partner organisations.
A ceremony in this regard was held at Khyber Pakhtunkhwa House, Islamabad with Chief Minister Muhammad Sohail Afridi in the chair on Saturday.
Under the arrangement, 49 percent shares of the Miran Block have been transferred to a consortium led by Oil and Gas Development Company Limited (OGDCL), while 51 percent shares will remain with Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL).
The consortium also includes Government Holdings (Private) Limited (GHPL) and Pakistan Petroleum Limited (PPL). It was further shared that the consortium will bear the investment cost for KPOGCL’s 51 percent share, as well.
KPOGCL, consortium sign exploration agreement on Miran Block
Under the agreement, an estimated investment of Rs. 22 billion has been attracted to Khyber Pakhtunkhwa, while the Miran Block deal has resulted in savings of approximately Rs. 12 billion for the provincial government and KPOGCL.
Speaking at the occasion, Chief Minister Sohail Afridi termed the transfer of 49 percent shares of the Miran Block to partner organisations as a major achievement of the provincial government, stating that the project will usher in a new era of oil and gas exploration in the province, generate local employment opportunities, and boost business and industrial growth.
He emphasised that the first right over natural resources belongs to the local population and that all decisions will be made strictly in accordance with the interests of the local communities. He said that Khyber Pakhtunkhwa is rapidly moving towards self-reliance in the energy sector while simultaneously developing new and sustainable revenue streams.
He further stated that the provincial government is executing energy projects at an extraordinary pace and will continue to extend complete support to the private sector for investment and industrial development.
Special Assistant to the Chief Minister for Information and Public Relations Shafiullah Jan, Members of the National Assembly Shehryar Afridi and Shahid Khattak, Member of the Provincial Assembly Daud Afridi, senior officials of KPOGCL, and representatives of partner organizations were present on the occasion.
Copyright Business Recorder, 2025
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