Oil, gas exploration activities: Malik, US firm discuss revival plan for dormant block

ISLAMABAD: Ali Pervaiz Malik, the Federal Minister for Petroleum, and senior officials from the international and local energy sectors met here on Wednesday to discuss a plan for reviving oil and gas exploration activities in the Peshawar Block.

The minister met with Pierce Onthank, Chief Executive Officer of Hycarbex-American Energy, and Faheem Haider, CEO of Mari Energies, at the Ministry of Petroleum. The executives briefed the minister on a landmark transaction wherein Mari Energies has partnered with Hycarbex-American Energy Inc and Fatima Petroleum for the Peshawar Block.

The Peshawar Block had remained inactive for several years. The new collaboration between Hycarbex-American Energy, Mari Energies, and Fatima Petroleum will form a Joint Venture (JV) to recommence exploration and development activities, injecting new life into the project.

Pakistan, Russia reaffirm to deepen energy cooperation

Federal Minister Ali Pervaiz Malik commended the companies on their initiative and investment. He termed 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 indigenization and sustainability of fuel supplies, and we assure full support in facilitating its advancement,” stated the minister.

Minister Malik also 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 the transformation of the Directorate General of Petroleum Concessions (DG PC) is underway and will be guided by industry-led expertise to foster a more efficient, transparent, and investment-friendly environment.

Copyright Business Recorder, 2025