ISLAMABAD: Oil and Gas Development Company (OGDC) and Kuwait Foreign Petroleum Exploration Company (Kufpec) announced a strategic cooperation initiative for evaluating future potential business opportunities in international upstream exploration and production.
The deal was signed on Monday between Kufpec South Asia Regional Manager Nawwaf S Alsalem and OGDC Managing Director Zahid Mir.
The cooperation agreement between the two oil exploration companies envisages exploring opportunities jointly in Pakistan, the Middle East and other overseas blocks.
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In line with the MoU, Kufpec may offer OGDC joint venture opportunities in its international assets and blocks. OGDC has also agreed for a reciprocal arrangement in Pakistan with Kufpec.
Both OGDC and Kufpec will cooperate and collaborate in upcoming domestic and international opportunities.
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OGDC is the largest oil exploration company of Pakistan and Kufpec is an international upstream company, engaged in exploration, development and production of crude oil active in 14 countries spanning over five continents, ie Australia, Asia, Africa, North America and Europe.
Published in The Express Tribune, June 5th, 2018.
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