Islamabad, Mari Petroleum Company Limited (MPCL) has announced a strategic partnership with Kuwait Foreign Petroleum Exploration Company (KUFPEC) through a Memorandum of Understanding (MoU). This collaboration aims to jointly evaluate and bid for selected exploration blocks both within and outside Pakistan, and to consider potential farm-in opportunities. The agreement marks a significant step in MPCL’s strategy to expand its exploration activities and contribute to Pakistan's energy self-sufficiency.
According to Mari Petroleum Company Limited, the MoU encompasses a broad scope of cooperation. It includes exploring synergies in joint studies for specific countries or regions, creating a technical hub of specialists to provide expert advice on exploration, subsurface, and drilling operations. The agreement also facilitates strengthening strategic relationships and technical capabilities between the two companies. This will be achieved through potential secondment opportunities, allowing staff exchanges in each other's offices and fields, at their own cost.
The partnership aligns with MPCL’s strategic objectives to collaborate with leading Exploration & Production (E&P) companies. This initiative is intended to increase MPCL’s exploration acreage, improve its reserves replacement ratio, and ultimately maximize shareholder value. More significantly, this collaboration is part of MPCL's broader goal to address Pakistan's growing energy demands using indigenous resources, thereby reducing the economic burden of imported fuels.
The MoU represents a substantial commitment from both MPCL and KUFPEC to leverage their expertise and resources for mutual benefit and the broader aim of enhancing energy exploration and production capabilities in the region.