ISLAMABAD - Mari Petroleum Company Limited (MPCL) and Kuwait Foreign Petroleum Exploration Company (KUFPEC) Tuesday announced a strategic cooperation initiative for evaluating future potential business opportunities in local & international upstream exploration and production.

The MoU for strategic cooperation was signed by Ayyad M.E.A AlKandari, Vice President Operations, KUFPEC and Lt Gen (r) Ishfaq Nadeem Ahmad, MD/CEO MPCL, here.

The strategic cooperation between the two oil and gas exploration companies envisages exploring business opportunities in upstream exploration and production projects within and outside Pakistan including farm-in opportunities in each other’s blocks and KUFPEC’s overseas assets.

MPCL is one of the major petroleum exploration companies of Pakistan E&P and presently the second largest gas producer of the country with more than 60 years of rich history. KUFPEC is an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait. The two companies with a robust financial and operational background have desired through the MoU to exchange technical knowledge and industry experiences, allowing for further discussion of potential local and international upstream growth synergies and possible co-venture opportunities.

Earlier, Ishfaq Nadeem Ahmad accorded a warm welcome to AlKandari. Speaking at the occasion, Ishfaq stated that signing of MoU is an important development for both the companies which will further strengthen their existing relations and open up new avenues of cooperation for them within Pakistan and abroad.