ISLAMABAD: A long-dormant oil and gas block in northwestern Pakistan is set to be revived through a new joint venture between US company Hycarbex-American Energy and Pakistani partners Mari Energies and Fatima Petroleum, the petroleum ministry said on Wednesday.
The Peshawar Block, located in Khyber Pakhtunkhwa province, has remained inactive for years due to regulatory delays, security challenges and a lack of financing. Its revival is expected to help Pakistan reduce dependence on costly fuel imports, ease persistent gas shortages and unlock untapped hydrocarbon reserves critical to sustaining industrial growth and household supply.
The revival of the block also marks one of the most significant US participations in Pakistan’s upstream energy sector in recent years and is seen as a potential catalyst for wider American investment in the country’s oil, gas and minerals industries.
Federal Petroleum Minister Ali Pervaiz Malik announced the joint venture after meeting Hycarbex CEO Pierce Onthank and Mari Energies CEO Faheem Haider in Islamabad on Wednesday.
“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,” Malik was quoted as saying in a statement by the petroleum ministry.
