Pakistan, Kuwait Sign Cooperation Agreement

Pakistan’s Oil and Gas Development Company (OGDCL) and Kuwait Foreign Petroleum Exploration Company (Kufpec) May 4 signed a cooperation agreement, reported Express Tribune June 5.

As per the agreement, the two companies will evaluate potential business opportunities in international upstream exploration and production. They will explore opportunities jointly in Pakistan, the Middle East and other overseas blocks. Kufpec may offer OGDCL joint venture opportunities in its international assets and blocks while OGDCL has agreed for a reciprocal arrangement in Pakistan, the newspaper reported.

Pakistani energy firms have in recent months signed cooperation agreements with a number of global companies. In May, Oman International Trading Company and Pakistan State Oil Company agreed to work in oil and LNG space. In March, PGNiG signed a memorandum of understanding to forge a strategic partnership with Pakistan Petroleum.

Although, imported LNG has become an important part of Pakistan’s energy mix, the government is keen to raise domestic oil and gas production.