State-run Kuwait Petroleum Corporation (KPC) announced that it would develop Pakistani oil fields, Reuters reported. The KPC’s international subsidiary – the Kuwait Foreign Petroleum Exploration Company (KUFPEC) and the Pakistani Ministry of Petroleum have signed a Memorandum of Understanding (MoU).
Under the MoU, KUFPEC will be responsible for developing oil wells in the Asian country, the Kuwait Times informed.
Additionally, KUFPEC had been working in Pakistan for over 25 years and had invested more than $1b in a number of operating licenses in the south-eastern Sindh province. The company operates the Jati Exploration Block in Sindh and it has recently won a contract to explore oil fields in the Paharpur Block in the northern part of the country.