By Staff writer
Kuwait Foreign Petroleum Exploration Company has invested more than $1 billion on a number of operating licenses in Pakistan over a 25-year period
The state-run Kuwait Petroleum Corporation (KPC) has signed a memorandum of understanding with the Pakistani Ministry of Petroleum and Natural Resources (MPNR) to develop oil wells in the south Asian country.
In a press statement, KPC said that the MoU would be implemented through its foreign subsidiary Kuwait Foreign Petroleum Exploration Company (KUFPEC), which has been working in Pakistan for over 25 years and has invested more than $1 billion on a number of operating licenses in the south-eastern 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.