Kuwait eyes oil and gas projects in Mexico

Kuwait Petroleum Corporation is looking at exploration and production opportunities in Mexico and abroad

Kufpec's deal comes less than a month after it agreed to buy a 30% stake for $1.5bn from Chevron's shale operations in Canada.
Kufpec's deal comes less than a month after it agreed to buy a 30% stake for $1.5bn from Chevron's shale operations in Canada.

Kuwait Petroleum Corporation and Mexico's national oil company Pemex have signed a joint agreement to cooperate on future exploration and production projects in Mexico and abroad.

The joint agreement was signed in Mexico city between Kuwait's foreign upstream subsidiary Kufpec and Mexico's national oil company's trading arm PMI. 

The official term released by the two sides was a 'memorandum of understanding' - a deal aimed to set the ground for cooperation between the two companies on future oil and gas opportunities in Mexico and worldwide.

Kufpec's CEO Shaikh Nawaf Saud Al-Nasir Al- Sabah said “The step KUFPEC is taking into Mexico is fully consistent with Kufpec’s plans to achieve our 2030 strategic objectives and comes as a result of the recently enacted energy reform in Mexico.

"We are looking forward to cooperate with our friends in PEMEX through the first joint project between oil companies of Mexico and Kuwait.”

Kufpec is the international petroleum company engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait.

It is currently active in 14 countries with 60 projects in the international upstream sector, aiming to increase its production to 200,000 boepd with reserves of 650 mmboe by 2020. 

 

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