Petrol\u00adeum Exploration (Pvt) Ltd has acquired energy ass\u00ade\u00ad\u00adts from Kuwait Foreign Petroleum Exploration Company (KUFPEC), including the acquisition of oil and gas concessions located in Dadu, Kirthar, Tajjal, and Qadirpur.<\/p>\n\n\n\n
This includes Bhit and Qadirpur leases, expanding the company\u2019s exploration portfolio and strengthening its presence in the energy sector.<\/p>\n\n\n\n
The company has announced that acquiring some of the country\u2019s most energy-rich regions will help harness the country\u2019s untapped energy potential and solidify PEL\u2019s position in this sector.<\/p>\n\n\n\n
In a statement, PEL chief executive Shahzad Zaheer said that the acquisition aligns with the long-term strategy of the company to continue exploring the world, discovering energy and unlocking the country\u2019s vast energy resources, as it will extend the local presence in the country\u2019s energy security at a time when the sector faces immense challenges.<\/p>\n\n\n\n
\u201cWe are confident that the addition of these assets will help us drive forward our mission to meet the growing energy demands of Pakistan,\u201d Mr Zaheer added.<\/p>\n\n\n\n
The company has said that currently, the energy sector of Pakistan is facing multiple challenges, including rising energy demands, high import costs, and inadequate domestic production, and the added reserves and production capacity from the acquired assets will help reduce reliance on costly energy imports like Liquefied Natural Gas.<\/p>\n\n\n\n