Three Moroccan HaHas for PEL

Wednesday, July 4, 2007

Pakistan is making a push into North Africa with its recently signed joint venture agreement with Morocco’s state-owned oil and gas firm ONHYM. Petroleum Exploration Pvt Ltd (PEL) has signed its first agreement in North Africa making it the first Pakistani oil company active in the region.

PEL will be exploring on three blocks, the Haha-1, Haha-2 and Haha-3. The three blocks have a combined acreage of almost 5,000 sq km. The Pakistani company will hold a 75% stake in the blocks and will operate the joint venture while ONHYM will retain the remaining 25%.

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