ISLAMABAD:
The Kuwait Overseas Petroleum Exploration Company (KOFEC) has decided to participate in Pakistan’s offshore bidding round. The company has been present in Pakistan since 1987 and has invested a total of $1.5 billion.
A high-level meeting was held between Federal Minister for Petroleum Ali Pervaiz Malik and Country Manager of FOEC and Chairman of Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) Ali Taha Al-Temimi. The meeting focused on strengthening cooperation in Pakistan’s oil and gas sector, enhancing exploration activities and addressing key challenges to improve exploration activities.
During the discussions, Minister Ali Pervaiz Malik stressed the government’s commitment to facilitating foreign and local investors in the petroleum sector. He highlighted the ongoing reforms aimed at improving the ease of doing business, ensuring regulatory efficiency and fostering an enabling environment for exploration and production (E&P) companies operating in Pakistan.
Ali Taha Al-Temimi, representing Qubeq, a subsidiary of Kuwait Petroleum Corporation, praised the government’s efforts and shared insights on enhancing hydrocarbon exploration to meet Pakistan’s growing energy needs. He also said that Qubeq aims to participate in Pakistan’s offshore bidding round. He also explained the company’s current activities in the country. Since 1987, Qubeq has invested a total of $1.5 billion.
Malik welcomed Qubeq’s interest in the offshore bidding round and reaffirmed the government’s support for the role of the petroleum sector in driving economic growth and energy security. He added that the offshore blocks are being awarded after a long time. “This is a great opportunity for local and foreign investors.”
He acknowledged Qubeq’s contributions to Pakistan’s energy landscape and the BPEC’s support for a strong power and development sector. The meeting concluded with a shared vision to deepen cooperation between the government and industry stakeholders and ensure a sustainable and prosperous energy future for Pakistan.
