KOHAT, March 9: A foreign investment company, Mol Pakistan Oil and Gas (BV), has signed an agreement with the Oil and Gas Development Corporation for exploring oil and gas reserves in the western parts of Kohat.

After getting positive results from its survey, conducted in Guguri, 60km of here, in December, the company has moved all the required staff and heavy machinery to the area from Karachi.

An oil and gas well in the Shakardarra area of Kohat is already producing 1,200 barrels of oil and 5,200,000 cubic feet of gas daily since the discovery was made in 2000.

The company has entered into a contract with the Duetage Drilling Company and it is hoped that the drilling process would be successfully completed and the well would become operational soon.