Kuwait Foreign Petroleum Exploration Company seeks to expand upstream oil and gas investment in Pakistan

Kuwait Foreign Petroleum Exploration Company (KUFPEC) is seeking to expand its presence in Pakistan’s upstream energy sector, the Petroleum Division said on Tuesday. The matter was discussed during a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and KUFPEC Vice President Operations Tareq Ebrahim.

Ebrahim said the company saw strong potential for further investment in Pakistan’s oil and gas exploration and production sector and thanked the minister for facilitating investment opportunities.

Malik assured KUFPEC of the government’s support and said Pakistan remained committed to providing a conducive environment for foreign investment in the petroleum industry.

He described Kuwait as one of Pakistan’s closest partners and highlighted more than 50 years of cooperation between the two countries in the energy sector.

KUFPEC, a subsidiary of Kuwait Petroleum Corporation, is already active in Pakistan’s exploration and production industry.

In 2023, the company signed a memorandum of understanding with Oil and Gas Development Company Limited to jointly evaluate upstream business opportunities.

It also signed an MoU with Mari Petroleum Company Limited to assess and bid for exploration blocks within Pakistan and abroad.