Kuwait’s KUFPEC eyes expansion in Pakistan’s energy sector

Kuwait Foreign Petroleum Exploration Company (KUFPEC), a subsidiary of the Kuwait Petroleum Corporation (KPC), is looking to expand its presence in Pakistan’s upstream energy sector.

The development came during a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and Tareq Ebrahim, Vice President Operations of KUFPEC, to discuss opportunities for expanding cooperation in Pakistan’s petroleum sector, read a statement on Tuesday.

Malik described Kuwait as one of Pakistan’s closest friends, highlighting the two countries’ more than 50-year partnership in the energy sector. He reaffirmed the government’s commitment to further strengthening this longstanding relationship.

Tareq Ebrahim thanked the minister for his support in facilitating investment opportunities and said KUFPEC sees strong potential for expanding its presence in Pakistan’s upstream energy sector.

The petroleum minister assured KUFPEC of the government’s full support and reiterated Pakistan’s commitment to providing a conducive environment for international investment in the petroleum sector.

KUFPEC is actively involved in the exploration and production (E&P) sector, particularly in Pakistan.

In 2023, KUFPEC significantly expanded its presence in Pakistan’s E&P sector through two key Memoranda of Understanding (MoUs). An MoU with Oil and Gas Development Company Limited (OGDCL) formalised joint evaluations of upstream business opportunities.

Simultaneously, KUFPEC also signed an MoU with Mari Petroleum Company Limited (MARI) to collaborate on evaluating and bidding for exploration blocks in and outside Pakistan.