UK’s oil and gas major BP and the state-run Kuwait Petroleum Corporation (KPC) have signed a framework agreement to explore possible joint opportunities for investment and cooperation in future oil, gas, trading and petrochemicals ventures, World Oil informed.

In addition to enhancing oil and gas recovery from Kuwait’s existing resource base, the agreement also includes the intention to study opportunities for joint investment in future oil and gas exploration both inside Kuwait and globally.

Other elements of the agreement cover possible future oil and gas trading deals including LNG trading and related ventures.

Opportunities for cooperation and investment in midstream and petrochemical projects globally will also be considered under the agreement, including potentially deploying BP’s proprietary paraxylene technology as part of KPC’s petrochemicals projects.

As Zacks added, BP expects production in Q1of 2016 to be broadly flat with Q4 of 2015, while in Q1 the company projects sequentially lower refining margins.

Previously, within the framework of bilateral cooperation in 2014, the energy major signed a technical services agreement with KPC subsidiary Kuwait Oil Co. for oil recovery in the Burgan field.