OGDCL, KUFPEC partner to explore joint business opportunities
Staff Report
OGDCL and KUFPEC have agreed to partner to explore joint business opportunities in the oil and gas exploration sector.
A senior-level delegation from Kuwait Foreign Petroleum Exploration Company (KUFPEC), Kuwait, led by Mr. Tareq M. Ebrahim (EVP – Operations) and including Mr. Ali Taha Al-Temimi (Country Head – KUFPEC, Pakistan), Mr. Bader Al-Matar (Manager Asia Region), Mr. Nawwaf AlSalem (Manager Exploration), Mr. Khaled Al-Athainah (Manager Exploration, Pakistan) and Mr. Abdul Ghafoor (Sr. Specialist Geologist, Pakistan), visited OGDCL Head office today and met with Mr. Ahmed Hayat Lak MD / CEO along with senior management team of OGDCL.
During the visit, an MOU has been signed between the two companies. The objective of this MOU is to formalize the joint evaluation of potential business opportunities in upstream projects in Pakistan and internationally, participation in bid rounds, joint studies, formation of a pool of technical experts/specialists from both companies, knowledge sharing, and secondment of offices.OGDCL Profit Up 59% for 2022-23
KUFPEC is a JV Partner with OGDCL in Qadirpur and Makhad blocks.
Both sides have agreed to constitute dedicated working groups for implementing agreed objectives in the MoU.
The leadership of both companies will monitor progress on a quarterly basis in order to ensure meaningful and effective cooperation between the companies.
Mr. Tareq M. Ebrahim on the recommendation of MD/CEO – OGDCL agreed to hold a workshop of technical experts on production optimization, as Kuwait has made significant progress in this domain and Pakistan can benefit from their experience.
OGDCL will also have the opportunity of placing its technical professionals on a reciprocal basis on secondment with KUFPEC, which will help capacity building and experience sharing.
The delegation also visited the OGDCL Seismic Data Processing Centre and acknowledged OGDCL’s capacity and capability in upstream sector and its leadership role in the industry.
Mr. Tareq M. Ebrahim underlined the commitment of KUFPEC to augmenting its presence in Pakistan by expanding the footprints in the E&P sector of the country in collaboration with OGDCL. The Kuwaiti delegation reiterated Pakistan’s importance in their business strategy for the region.
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