A Memorandum of Understanding, MoU, has been signed between Russia’s JGC Rosgeologia petroleum company and Khyber Pakhtunkhwa Oil and Gas Company Ltd to explore and develop oil installations in Pakistan. This is a long term agreement, and under the agreement Rosgeologia will provide technical planning and execution, and arrangement of rigs and recorders, while KPOGCL will provide security, and transportation, clearances, permits, and earth moving equipment.
This is the first after five decades that an agreement has been signed with a Russian firm. During the early 1960s, Oil and Gas Development Company Ltd, OGDCL, was set up with cooperation with Russian technical experts. However, OGDCL couldn’t operate properly due to diplomatic reasons. JGC Rosgeologia has also signed agreements with OGDCL for boarder cooperation of exploring oil in the country.