PESHAWAR, Nov 8: The government has awarded license to a multi- national company for exploration of oil and gas in the North Waziristan Agency and Frontier Region Bannu, said a handout.

The company country manager Richard A. Lee in a presentation to the NWFP Governor Ali Mohammad Jan Aurakzai here on Wednesday confirmed the oil discovery chances as one out of four.

He said that the area located west of Bannu was considered having vast prospects for gas and possibly oil.

The handout said that seismic survey would be conducted over an area of over 1,340 square kilometres and would involve an investment of $20 million.

The project, it said would employ 800 people mostly from the local area as workers.

It was stated that besides providing job opportunities the project would also benefit the area in development, production and royalty.

The manager sought security clearance to start seismic operation in the areas of North Waziristan Agency and Bannu region.

The governor in his remarks described the prospects of oil and gas exploration in both areas as bright and said that it would certainly benefit the local population.