Kuwait Foreign Petroleum Exploration Company (KUFPEC) has announced the successful divestment of non-operated assets held by its subsidiaries in Pakistan while reaffirming its commitment to maintaining a strategic partnership with the Pakistani government in oil and gas exploration and production.
Kuwait News Agency (KUNA) reported that KUFPEC’s subsidiaries KUFPEC Pakistan Holdings B.V., KUFPEC Pakistan B.V., and Kirthar Pakistan B.V., have divested their non-operated assets in Pakistan in favor of Petroleum Exploration (Pvt) Limited, a leading private-sector exploration and production company.
However, KUFPEC emphasized that despite this divestment, it continues to be a strategic partner to the Pakistani government in oil and gas exploration and production. The company also reaffirmed its ongoing role as the operator of the Makhad Block in Pakistan.
KUFPEC further noted that it is working to diversify and expand its operations in Pakistan, adding that in collaboration with the Directorate General Petroleum Concessions and major exploration and production companies, it is preparing for the upcoming offshore bidding round.
Last week, reports in some Pakistani media outlets suggested that Kuwait Foreign Petroleum Exploration Company had initiated its exit from Pakistan’s oil and gas sector.Â
The reports claimed that KUFPEC was divesting assets valued at approximately $60 million in various blocks across the country to Pakistan Exploration (Private) Limited (PEL), citing extensive circular debt and prolonged government policy delays as reasons for the move, with plans to reinvest in other markets.
KUFPEC’s Executive Vice President for Operations, Tareq Ebrahim, said that this divestment is in line with the company’s strategy to optimize its portfolio by streamlining assets and focusing on high-potential opportunities through strategic acquisitions, particularly in exploration and development.
KUFPEC is a wholly owned subsidiary of Kuwait Petroleum Corporation, engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait.
