Pakistan's PEL Signs E&P JV with Moroccan State Oil Company

SINGAPORE Jul 02, 2007 (Dow Jones Newswires)

Petroleum Exploration Pvt. Ltd., or PEL, has become the first-ever Pakistani oil and gas company to undertake exploration and production in North Africa, Pakistan's Business Recorder reported Monday.

PEL has entered into a joint venture agreement with ONHYM, the Moroccan state oil and gas company, for exploration of oil and gas in three blocks in the country.

PEL will hold a 75% working interest in the block and the Moroccan state oil company 25%.

Copyright (c) 2007 Dow Jones & Company, Inc.

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