ISLAMABAD: KP Oil & Gas Company Ltd (KPOGCL) and US-based Halliburton on Wednesday signed a memorandum of understanding for collaboration in oil and gas exploration in Khyber Pakhtunkhwa.
The MoU was signed by KPOGCL Chief Executive Officer Razi Uddin Razi and Halliburton Senior Vice President Middle East and North Africa Ahmad Kenawi, said a press release.
Halliburton will provide KPOGCL with the latest software technology, introduce and recommend new technology in terms of exploration and production of oil and gas from KP.
The MoU terms also include training of local manpower from the province on using software and on-the-job training to bring them on a par with international standards.
“This will enable our dream to create professionals from KP in oil and gas to cater for future needs of the province,” said Mr Razi.
Energy and Power Secretary Engr Naeem Khan said the MoU signing with Halliburton shows international companies have a keen interest to invest in projects of mutual interests in KP and with improved security situation, reflects a positive indicator. Frontier Constabulary platoons are being raised to provide security to all local and international investors working in KP.
Mr Razi said that since 2013, KP contributions towards the national grid in terms of hydrocarbons production has achieved foreign exchange savings of billions of rupees. “Imagine if Pakistan is producing locally to cater for energy demand in the region, the economy will be on the right track with reduction in the import bill,” he said.
Mr Kenawi spoke about Halliburton’s vision to promote and share technology with developing nations in order to train young professionals with the latest cost-effective techniques and efficient planning models.