Peshawar Block: Mari Energies acquires 65pc working interest from Hycarbex

KARACHI: Mari Energies Limited (“Mari Energies”) has announced a significant expansion of its upstream portfolio by acquiring a 65 percent working interest and the operatorship of the Peshawar Block in Khyber Pakhtunkhwa (KP) from Hycarbex-American Energy Inc (“Hycarbex”).

The acquisition was formalised through a farmout agreement between the two companies, according to a material information disclosure filed with the Pakistan Stock Exchange (PSX) on Tuesday.

The company stated that the transaction remains subject to requisite regulatory approvals, the execution of deeds of assignment with the Government of Pakistan, and the completion of other related formalities.

Mari Energies Limited characterised the deal as a demonstration of its commitment to strengthening its upstream portfolio. The acquisition will allow Mari Energies to expand into “prospective onshore areas” across the country, which the company states will support indigenous hydrocarbon exploration and development activities and contribute to Pakistan’s energy security.

The Peshawar Block is a significant asset in the Khyber Pakhtunkhwa province, and the assumption of operatorship by Mari Energies marks a strategic move to boost domestic exploration and production activities.

Copyright Business Recorder, 2025