The Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) has signed an agreement with a consortium led by Oil & Gas Development Company (OGDCL) for the exploration of the Miran Block in North Waziristan. The consortium includes Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL).
The signing ceremony was held at Pakhtunkhwa House in Islamabad, with Khyber Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur as the chief guest. The event was attended by Special Assistant to the CM on Energy and Power Tariq Sadozai, officials from the Federal Ministry of Petroleum, the KP Energy Department, and representatives of partner companies.
Under the agreement, KPOGCL will own 51 per cent of shares in the Miran Block, with the remaining 49 per cent held by the OGDCL-led consortium. The provincial company will also receive the same percentage of profits from the project.
The consortium plans to invest Rs 20 billion in the project over three years, with the entire funding provided by OGDCL and its partners. The provincial government will not be liable for any financial losses incurred in the process.
Officials at the ceremony noted strong prospects for oil and gas discoveries in the Miran Block. CM Gandapur termed the agreement a significant step for both the province and the country, expressing hope that the potential reserves would help address Pakistan’s energy needs.
Congratulating the stakeholders, he described the deal as the start of a major success. He said the project would contribute to regional development by generating employment and supporting efforts to curb militancy.
Gandapur criticized past policies for failing to utilize KP’s natural resources efficiently, pointing out that despite having ample hydropower potential, the country continues to rely on imported furnace oil and LNG for electricity generation.
He also highlighted Pakistan’s debt burden, which he stated has reached Rs 76 trillion, and called for a collective strategy to address economic challenges. The chief minister underscored KP’s role in the energy sector, noting that the province accounts for 42 per cent of the country’s crude oil production, 13 percent of natural gas output, and 40 per cent of LPG production.
