KUFPEC inks exploration deal in Pakistan
Paharpur Block will be Kuwait's second exploration and production asset in the country
Kuwait Foreign Petroleum Exploration Company (KUFPEC) has signed a deal to explore for oil and gas in the Paharpur Block in Pakistan, Kuwait News Agency reports.
The Paharpur Block, which is located in the D.I. Khan District, sprawls over 873 square miles of land and is KUFPEC's second asset in the country and its first in Khyber Pakhtunkhwa area, said KUFPEC CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah.
The Kuwaiti partners in the Paharpur Block are State Oil and Gas Company of Khyber Pakhtunkhwa and other national exploration and production companies of Pakistan, he added.
Currently, KUFPEC is the operator of the Jati Exploration Block in Sindh, where drilling activities are expected to commence soon.
Subsidiary of Kuwait Petroleum Corporation, KUFPEC is the third largest gas producer operating in Pakistan with production interests in Qadirpur, Zamzama, Kadanwari, Bhit, Badhra, Sukhpur and Zarghun Blocks.
The foreign investment company has pumped more than $1bn in the South Asian country since 1987 as part of its "efforts to make Pakistan a core business center for KUFPEC," Sheikh Nawaf said.