ISLAMABAD - Khyber Pakhtunkhwa Oil & Gas Company Ltd (KPOGCL) and a joint stock company JGC ROSGEO from Moscow, the Russian Federation, have signed an MoU to cooperate in oil and gas exploration & production in Pakistan. The MoU was signed by Raziuddin Razi, CEO KPOGCL, and Roman S. Panov, CEO ROSGEO, in the presence of Dr Anastasia S Afanasyeva, General Director ROSGEO, here.
The subject of this agreement is a long-term cooperation between KPOGCL & ROSGEO to perform various oil and gas exploration and production activities including but not limited to geological & geophysical field works, 2D & 3D seismic data acquisition, drilling & related services, stockiest, warehousing and jointly acquiring concession blocks in Pakistan, especially in the province of Khyber Pakhtunkhwa.
KPOGCL & ROSGEO agreed to promote the establishment and development of mutually beneficial cooperation in the above areas. The parties will develop cooperation on the following key priority areas: 1) Increase of the economic potential of Pakistan through the identification of new hydrocarbon fields; 2) Efficient use of the natural resources of Pakistan, ensuring environmental protection and sustainability; and 3) Carrying out of geological surveys within the territory of Pakistan, using the modern technologies and methods.
JSC “Rosgeologia” will be responsible for the technical planning & execution, rigs, recorders, etc., whereas KPOGCL will be responsible for security, logistics & transportation, gensets, earth moving equipment, cranes, tractors, camp facilities, local support manning, communication, local clearances, permits, licenses, business development etc.
The signing of MoU is international confidence on Pakistan and government of Khyber Pakhtunkhwa. ROSGEO is one of the largest oil and gas companies in Russia.