US-Pakistan Energy Collaboration Revitalizes Peshawar Oil & Gas Block
A significant USA-Pakistan energy collaboration is underway. A new joint venture aims to revitalize the long-dormant Peshawar oil and gas block in northwestern Pakistan, marking substantial US involvement in Pakistan's upstream energy sector.
The joint venture, involving US company Hycarbex-American Energy and Pakistani partners Mari Energies and Fatima Petroleum, comes amid efforts to strengthen US-Pakistan economic ties, particularly in energy and minerals. The Peshawar Block, inactive due to regulatory hurdles, security issues, and financing gaps, is set for a revival.
Hycarbex CEO Pierce Onthank revealed that the company is exploring three other blocks in Pakistan, indicating growing US interest in the region's energy sector. Federal Petroleum Minister Ali Pervaiz Malik announced the joint venture following meetings with Hycarbex and Mari Energies CEOs. The project aligns with Pakistan's efforts to overhaul its energy sector and attract long-term foreign capital.
The Peshawar Block's revival is expected to help Pakistan reduce its dependence on costly fuel imports and ease gas shortages. This joint venture, facilitated by US-Pakistan discussions on security, trade, and investment, signals a deepening of economic engagement between the two nations.
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