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Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced Tuesday that its subsidiaries, KUFPEC Pakistan Holdings B.V., KUFPEC Pakistan B.V., and Kirthar Pakistan B.V., have successfully divested their non-operated assets in Pakistan.
The divestment was made in favor of Petroleum Exploration (Pvt) Limited, a leading private-sector exploration and production company in Pakistan with a significant local and international presence.
In a statement to KUNA, KUFPEC emphasized that despite this divestment, it continues to be a strategic partner to the Pakistani government in oil and gas exploration and production. The company also reaffirmed its ongoing role as the operator of the Makhad Block in Pakistan.
KUFPEC further noted that it is working to diversify and expand its operations in Pakistan, adding that in collaboration with the Directorate General Petroleum Concessions and major exploration and production companies, it is preparing for the upcoming offshore bidding round.
This strategic involvement demonstrates KUFPEC's commitment to strengthening its presence and continuing to grow within Pakistan's energy sector.
KUFPEC's Executive Vice President for Operations Tareq Ebrahim, said that this divestment is in line with the company's strategy to optimize its portfolio by streamlining assets and focusing on high-potential opportunities through strategic acquisitions, particularly in exploration and development.
KUFPEC is a wholly owned subsidiary of Kuwait Petroleum Corporation, engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait.
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