The state-run Kuwait Petroleum Corporation (KPC) has signed a memorandum of understanding with the Pakistani Ministry of Petroleum and Natural Resources (MPNR) for developing oil wells in the south Asian country.
In a press statement, the KPC said that the MoU would be implemented through its foreign subsidiary Kuwait Foreign Petroleum Exploration Company (KUFPEC).
It noted that the MoU was signed Sunday during Pakistani Minister of Petroleum and Natural Resources Shahid Khaqan Abbasi's visit to KPC headquarters.
Deputy Prime Minister, Minister of Finance, Acting Minister of Oil and Board Chairman of KPC Anas Al-Saleh received the Pakistani minister at KPC premises and held bilateral talks over means to strengthen ties and upgrade cooperation, it said.
The statement pointed out that KUFPEC has been working in Pakistan for over 25 years and has invested more than USD one billion on a number of operating licenses in the southeastern Sindh Province.
It noted that KUFPEC operates Jati Exploration Block in Sindh and has recent won contract to explore for oil in Paharpur Block northern the country.
The signing ceremony was attended by KPC Chief Executive Officer Nezar Al-Adsani, International Marketing Managing Director Nabil Bouresli, KUFPEC Chief Executive Officer Sheikh Nawaf Saud Al-Nasser Al-Sabah, and Kuwait Petroleum International Chief Executive Officer Bakheet Al-Rashidi.
KUFPEC, a subsidiary of Kuwait Petroleum Corporation, is an international oil company engaged in the exploration, development and production of crude oil and natural gas outside Kuwait. It is currently active in 15 countries worldwide with 63 oil and gas projects across Asia, Africa, Australia, Europe and North America.