Kuwait: Kuwait Foreign Petroleum Exploration Company (KUFPEC) signed Thursday memoranda of understanding (MoUs) with companies operating in Pakistan in line with the company’s strategic objectives to boost the value of KUFPEC’s assets.

KUFPEC seeks, through these MoUs, to expand its exploration portfolio in Pakistan via strategic cooperation with prominent companies, the company said in a press release.

The MoUs have been signed with the Oil & Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), and Prime Pakistan Limited (Prime) which are leading oil companies with high success rates and remarkable technical capabilities in drilling and exploration, it added.

KUFPEC Chief Executive Officer Mohammad Al-Haimer was quoted as saying in the statement: The MoUs are not limited to strengthening strategic partnerships to expand our exploration portfolio in Pakistan, but also provide important opportunities to enhance KUFPEC’s assets, independent peer reviews, knowledge exchange, and utilizing the expertise of our global partners." KUFPEC is an international upstream company engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporatio. - KUNA