The government on Monday awarded a licence to Tallahassee Resources Inc of Canada for exploration of oil and gas resources in Karak district of Khyber Pakhtunkhwa (KP).
The exploration licence and petroleum concession agreement (PCA) was signed for Karak North Block by Secretary Petroleum Abid Saeed, Director General Petroleum Concessions Saeedullah Shah and the representatives of KP government and Tallahassee Resources.
Federal Minister for Petroleum Shahid Khaqan Abbasi witnessed the signing ceremony. He said the Karak North block spread over a total area of 99.14 sq km for which the Canadian firm had made a minimum firm work commitment of $3.07 million.
Apart from minimum work commitment, the company was also obligated to spend a minimum of $30,000 every year in the block on social welfare schemes. The minister directed the Director General Petroleum Concessions to facilitate exploration and production companies to expedite the exploration process to boost domestic oil and gas production.
