Kuwait Foreign Petroleum Exploration Company (Kufpec) and the Oil and Gas Development Company (OGDC) have signed a strategic cooperation initiative to evaluate potential exploration and production business opportunities, The Express Tribune reported.

The two companies are considering exploration projects in Pakistan, the Middle East and in other overseas blocks.

Pakistan-based OGDC may be offered joint venture opportunities in Kufpec international assets as a part of the agreement. OGDC has also offered a similar arrangement for Kufpec in Pakistan.