ISLAMABAD: Pakistan’s petroleum minister and Kuwait Foreign Petroleum Exploration Company (KUFPEC) discussed expanding the Kuwaiti firm’s investment in the country’s upstream energy sector on Tuesday, as Islamabad seeks to strengthen energy security and attract foreign investment amid heightened tensions in the Gulf.
KUFPEC, the international upstream subsidiary of Kuwait Petroleum Corporation, has operated in Pakistan since 1987 and has invested around $1 billion in the country. The company holds interests in several producing gas fields, including Qadirpur, Bhit, Badhra, Kadanwari and Zamzama, and operates the Makhad exploration block. It has also signaled plans to participate in Pakistan’s upcoming offshore licensing round.
“KUFPEC sees strong potential for expanding its presence in Pakistan’s upstream energy sector,” KUFPEC Vice President for Operations Tareq Ebrahim was quoted as saying in a statement by the Pakistani petroleum ministry after he met Federal Petroleum Minister Ali Pervaiz Malik in Islamabad.
Malik assured the company of the government’s full support and reiterated Pakistan’s commitment to providing a conducive environment for international investment in the petroleum sector. He also described Kuwait as one of Pakistan’s closest partners, noting the two countries had maintained cooperation in the energy sector for more than five decades.
Pakistan has stepped up efforts to attract foreign investment into oil and gas exploration as it seeks to increase domestic production and reduce its dependence on imported fuels, which account for a significant share of the country’s import bill.
The government has also sought to deepen energy cooperation with Gulf partners through fuel supply arrangements, refining projects and strategic petroleum storage initiatives.
The discussions also took place against the backdrop of renewed tensions between the United States and Iran that have heightened concerns over energy supplies and shipping through the Strait of Hormuz, one of the world’s most important oil transit routes. Pakistan has repeatedly called for restraint and dialogue, warning that continued hostilities risk undermining regional stability, disrupting global energy supplies and affecting international trade.
The talks also follow reports that Pakistan and Kuwait are exploring broader cooperation encompassing energy security and investment as both countries navigate the fallout from regional instability. Reuters reported last week that the two countries were discussing an expanded defense partnership that could include energy cooperation, although officials said the talks remained at an early stage.
