ISLAMABAD - Oil & Gas Development Company Limited (OGDCL) and Kuwait Foreign Petroleum Exploration Company (KUFPEC) Monday announced a strategic cooperation initiative for evaluating future potential business opportunities in international upstream exploration and production.

The MoU for strategic cooperation was signed between Nawwaf S Alsalem, South Asia Regional Manager for KUFPEC, and Zahid Mir, Managing Director of OGDCL. The strategic cooperation between the two oil exploration companies envisages exploring opportunities jointly in Pakistan, the Middle East and other overseas blocks. Pursuant to the MoU, KUFPEC may offer OGDCL joint venture opportunities in its international assets and blocks. OGDCL has also agreed for a reciprocal arrangement in Pakistan with KUFPEC. Both OGDCL and KUFPEC will cooperate and collaborate in upcoming domestic and international opportunities.

OGDCL 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, i.e. Australia, Asia, Africa, North America and Europe. The two oil exploration and production companies with a robust financial background have desired through this MoU to exchange technical knowledge and industry experiences, allowing further discussion of potential international upstream growth synergies and possible partnerships.