ISLAMABAD, Dec 15: The government on Saturday granted an exploration licence to Hydcarbex Energy Inc. of USA over block no. 2667-8, covering an area of 1,229 sq km, located in Dadu and Nawabshah districts, Sindh.The US firm would invest $6.30 million in the block to carry out geo/technical studies, acquisition, processing and drilling three exploratory wells during next three years.

Hycarbex is engaged in petroleum exploration activities in Pakistan since 1995. As operator of Yasin Block in Sindh with an investment of over $25m, it has carried out extensive seismic surveys and has established a data bank comprising about 700, 2d line km.

Besides, seismic work, it has drilled six exploratory wells and has recently made a gas discovery of commercial standing at Haseeb structure in the block.

The licence and the petroleum concession agreement were signed by Secretary Petroleum and Natural Resources Farrakh Qayyum and Director General Petroleum Concessions Mohammad Naeem Malik and President and Chief Executive Officer of Hycarbex Inc Dr Iftikhar Zahid.

Federal Minister for Petroleum and Natural Resources Absan Ullah Khan attended the signing ceremony.