Mari Petroleum Company Limited (MPCL) and Kuwait Foreign Petroleum Exploration Company (KUFPEC), today 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 Mr. Ayyad M.E.A AlKandari, Vice President Operations, KUFPEC and Lt. Gen Ishfaq Nadeem Ahmad (Retd), MD/CEO MPCL, here at MPCL Head Office Islamabad.
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 Lt. Gen Ishfaq Nadeem Ahmad (Retd) accorded a warm welcome to Mr. AlKandari. Speaking at the occasion, Gen 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.
Expressing his views, Mr. Ayyad M.E.A AlKandari said that KUFPEC, as a Kuwaiti national Company, holds both Pakistan and MPCL in high regard based on historic brotherly relationsbetween both the two countries. Considering MPCL’s integrated E&P capabilities, proactive presence in Pakistan’s exploration and production activities, KUFPEC is equally looking forward to pursuing the potential opportunities with MPCL.
Besides the two Managing Directors of MPCL & KUFPEC, Tufail Ahmed Khoso, General Manager Exploration, Aqib Anwer, General Manager Business Development , Brig Obaid-ur-Rehman Lodhi (Retd), General Manager Mari Services Division and Mr. Asif Ali Rangoonwala, Consultant Business Development witnessed the MOU signing.