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ISLAMABAD: Mari Petroleum Company Limited (MPCL) announced that it has entered into a Memorandum of Understanding (MoU) with Kuwait Foreign Petroleum Exploration Company (KUFPEC) K.S.C.C to collaborate, jointly evaluate, and participate in bidding for selected blocks both in and outside Pakistan in addition to evaluation of potential farm-in opportunities.

The MoU also covers to explore synergies to conduct joint studies for identified countries / regions and form a technical hub of specialist to provide expert opinions and suggest solutions for exploration, subsurface and drilling operations.

The parties have also agreed to strengthen strategic relationships, technical capabilities and knowledge transfer between them through potential secondment opportunities in each other offices and fields at their own cost.

This MoU is a part of MPCL’s strategy to collaborate with leading E&P companies to increase its exploration acreage, reserves replacement ratio and maximize shareholder’s value. This strategy is a part of the ultimate goal to meet the country’s increasing energy demand from indigenous resources and lowering the burden of imported fuels on the national economy.

Copyright Business Recorder, 2023

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