Kuwait Co to Invest $ 55Mln in Pakistan Oil, Gas Sector
Pakistan Times Business & Commerce Desk

KARACHI: Kuwait Energy Company, in collaboration with Pakistan-based New Horizon Exploration and Production Ltd has shown interest to make an investment of 55 million dollars in oil and gas exploration in Pakistan.

New Horizon Exploration and Production Ltd has been setup by local investors.

The company offered highest bid of 45 million dollars to win three licences for oil and gas exploration in Sindh Province, company sources told APP on Monday.

According to the company, they were the highest among the bidder for 17 exploration blocks in Sindh, Punjab, Baluchistan and NWFP.

The company had applied for licence for oil and gas exploration in Sanghar East, Kunri and Jheruk blocks.

The company plans to dig eight wells - three each in Sanghar East and Kunri and two in Jheruk - and if exploration proves a success through eight wells - three each in Sanghar East and Kunri and two in Jheruk, it would entail a major investment of 300-400 million dollars, the company said.

Kuwait Energy Company is the largest non-government company in Middle East.●