Kuwait joins Pakistan offshore bids

Kuwait Foreign Petroleum Exploration Company (Kufpec) has decided to participate in Pakistan's offshore bidding round. Already, the company has been in Pakistan since 1987 and has invested $1.5 billion cumulatively.

A high-level meeting was held between Federal Minister for Petroleum Ali Pervaiz Malik and Ali Taha Al-Temimi, Country Manager of Kufpec and Chairman of the Pakistan Petroleum Exploration & Production Companies Association (PPEPCA). The meeting focused on strengthening collaboration in Pakistan's oil and gas sector, enhancing exploration activities, and addressing key challenges to enhance exploration activities.

During discussions, Minister Ali Pervaiz Malik emphasised the government's commitment to facilitating foreign and local investors in the petroleum sector. He highlighted the ongoing reforms aimed at improving the ease of doing business, ensuring regulatory efficiency, and fostering a conducive environment for exploration and production (E&P) companies operating in Pakistan.

Ali Taha Al-Temimi, representing Kufpec – a leading international exploration company and a subsidiary of Kuwait Petroleum Corporation – appreciated the government's efforts and shared insights on optimising hydrocarbon exploration to meet Pakistan's growing energy demand. He apprised that Kufpec is aiming to participate in the offshore bidding round of Pakistan. Moreover, he briefed on the ongoing activities of the company in the country. Since 1987, Kufpec has invested $1.5 billion cumulatively.

Malik welcomed the interest of Kufpec in the offshore bidding round and reaffirmed the government's support for the petroleum sector's role in driving economic growth and energy security. He added that offshore blocks are offered after a very long time. "It's a great opportunity for both local and foreign investors."

He acknowledged Kufpec's contributions to Pakistan's energy landscape and PPEPCA's advocacy for a robust E&P sector. The meeting concluded with a shared vision to deepen cooperation between the government and industry stakeholders, ensuring a stable and prosperous energy future for Pakistan.