Khyber-Pakhtunkhwa Chief Minister Sohail Afridi. SCREENGRAB
PESHAWAR:
Under the chairmanship of Khyber-Pakhtunkhwa Chief Minister Muhammad Sohail Afridi, a formal ceremony was held at K-P House, Islamabad, to transfer 49 per cent of the shares of the Miran Block to a consortium led by the Oil & Gas Development Company Limited (OGDCL).
The event marked a major milestone in the province’s energy sector, signaling the start of a new era in oil and gas exploration and development.
Addressing the ceremony, Chief Minister Afridi stated that the initiative would create local employment opportunities and boost business and industrial growth in the province. “The first right over our natural resources belongs to the local population, and all decisions will be made in their best interest,” he said.
He highlighted that Khyber-Pakhtunkhwa is rapidly advancing toward self-sufficiency in the energy sector and generating new sources of revenue. Afridi assured that the provincial government would facilitate investment and industrial development while maintaining strict law and order to safeguard investors.
During the briefing, it was disclosed that 49 per cent of the Miran Block shares have been transferred to the OGDCL-led consortium, while 51 per cent will remain with Khyber-Pakhtunkhwa Oil & Gas Company Limited (KPOGCL).
The consortium will be led by OGDCL, with Government Holdings (Private) Limited (GHPL) and Pakistan Petroleum Limited (PPL) as partners. The consortium will also invest in KPOGCL’s 51 per cent stake.
The agreement brings approximately Rs22 billion in investment to the province and has saved the K-P government and KPOGCL around Rs12 billion.
Special Assistant Shafeeullah Jan, MNAs Shaharyar Afridi and Shahid Khattak, MPA Dawood Afridi, along with KPOGCL officials and partner representatives, attended the ceremony. The event is seen as a key step in accelerating energy projects and supporting private-sector-led industrial growth in Khyber-Pakhtunkhwa.
