Federal Minister for Petroleum Ali Pervaiz Malik on Wednesday reaffirmed the government’s commitment to facilitate both local and foreign investors in the petroleum sector.
He made these remarks during a meeting with Ali Taha Al-Temimi, Country Manager of Kuwait Foreign Petroleum Exploration Company (KUFPEC) and Chairman of the Pakistan Petroleum Exploration & Production Companies Association (PPEPCA) said a news release.
The minister outlined ongoing reforms aimed at improving the ease of doing business, enhancing regulatory efficiency, and creating a favorable environment for exploration and production (E&P) companies operating in Pakistan. The meeting focused on expanding collaboration in Pakistan’s oil and gas sector, boosting exploration efforts, and addressing existing challenges to attract greater investment.
Ali Taha Al-Temimi, representing KUFPEC-a subsidiary of Kuwait Petroleum Corporation-commended the government’s reform initiatives and shared strategies for enhancing hydrocarbon exploration to meet Pakistan’s growing energy needs.
He informed that KUFPEC intends to participate in Pakistan’s upcoming offshore bidding round and highlighted the company’s ongoing operations in the country. Since 1987, KUFPEC has invested a total of $1.5 billion in Pakistan.
The Minister welcomed KUFPEC’s interest in the offshore bidding, noting that such blocks are being offered after a long interval.
He described this as a significant opportunity for both domestic and international investors. He also acknowledged KUFPEC’s longstanding contributions to Pakistan’s energy sector and appreciated PPEPCA’s role in advocating for a strong E&P industry.
The meeting concluded with both sides agreeing to deepen cooperation between the government and industry stakeholders to ensure a stable and prosperous energy future for Pakistan.
