Pakistan awards exploration license to New Horizon JV

Feb. 6, 2008
Pakistan on Jan. 31 granted a PEL to a JV of local firm New Horizon E&P and Kuwait Energy for Block No. 2468-9.

By an OGJ correspondent
KARACHI, Feb. 6 -- Pakistan on Jan. 31 granted a petroleum exploration license to a joint venture of local firm New Horizon Exploration & Production Ltd. and Kuwait Energy Co. for Block No. 2468-9 (Jherruck), which falls in Zone-III in the Hyderabad and Thatta districts of Sindh province.

New Horizon, with 60% interest, will serve as operator. Kuwait Energy holds the remaining interest.

The JV will invest $8.95 million on the block for geological and geophysical studies, will acquire 150 sq km of 3D seismic data or 350 line km of 2D seismic data, and will drill two exploratory wells during the first phase of the initial 3-year period.