The long-dormant Peshawar Block is set for revival after a new joint venture agreement between Hycarbex-American Energy, Mari Energies, and Fatima Petroleum. Federal Minister for Petroleum Ali Pervaiz Malik hailed the initiative as a significant step towards strengthening Pakistan’s domestic oil and gas production.
The announcement came during a meeting at the Ministry of Petroleum where Malik met with Hycarbex-American Energy CEO Pierce Onthank and Mari Energies CEO Faheem Haider. The executives briefed the minister on a landmark transaction under which the three companies will collaborate to resume exploration and development activities in the block, which had remained inactive for several years.
Minister Malik commended the companies’ commitment, calling the partnership vital for “indigenization and sustainability of fuel supplies.” He assured the government’s full support for facilitating the project and emphasized that the reform agenda in the energy sector aims to ensure long-term sustainability and attract greater foreign direct investment.
He also underlined that the Directorate General of Petroleum Concessions (DGPC) is undergoing transformation, guided by industry expertise to create a more efficient, transparent, and investor-friendly environment.
Pierce Onthank expressed optimism about the collaboration, remarking that “the energy opportunity in Pakistan is incredible.” He noted that Hycarbex-American Energy has already made substantial investments in the country and is currently engaged in three other exploration blocks in addition to the Peshawar Block JV. “We are confident that this collaboration will yield significant results for Pakistan’s energy landscape,” he added.