KARACHI: Pakistan Petroleum Ltd (PPL) has signed a Joint Venture Agreement (JVA) with Degan Exploration Works (DEW), a wholly owned subsidiary of Frontier Works Organisation (FWO), to explore and develop mineral resources in the EL-207 Block located in District Chagai, Balochistan.

This initiative is a key component of PPL`s strategy to diversify into the mining sector and strengthen its presence in Balochistan, says a press release.

The agreement was signed by GME&CBD PPL, Arshad Pakekar and Qaiser Rafique, representative of DEW, and witnessed by MD and CEO PPL, Imran Abbasy, and DG FWO Major General Abdul Sami on May 24 in Islamabad.

Previously, PPL had entered a Memorandum of Understanding (MoU) with FWO to foster strategic cooperation on the EL-207 Project. The block is believed to have significant potential for porphyrytype deposits, including copper and gold. This agreement lays the foundation for a long-term partnership, offering strategic advantages within the mineral-rich Chagai metallogenic belt and is poised to transform the mining landscape in Balochistan.