Daily Times

Petroleum Exploration (Pvt) Limited (PEL), one of Pakistan’s leading private-sector Exploration and Production (E&P) companies, has marked a significant milestone with the acquisition of key energy assets from Kuwait Foreign Petroleum Exploration Company (KUFPEC).

This strategic move not only solidifies PEL’s leadership in the energy sector but also strengthens the country’s energy security at a time when the sector faces immense challenges.

With over 40 years of experience in Pakistan’s energy industry, PEL has established itself as a pioneer in energy exploration and development. The acquisition of assets from KUFPEC—spanning some of the country’s most energy-rich regions—marks a bold step forward for PEL in harnessing Pakistan’s untapped energy potential.

The key assets included in the acquisition are located in Dadu, Kirthar, Tajjal, and Qadirpur concessions, with the Bhit and Qadirpur leases standing out as some of Pakistan’s cornerstone natural gas production fields. By adding these resources to its portfolio, PEL not only strengthens its position in the domestic energy sector but also expands its resource base to meet the country’s growing energy needs. This acquisition is seen as a significant move to further enhance Pakistan’s self-sufficiency in energy production.

For PEL, this acquisition is more than a business transaction—it is a declaration of the company’s commitment to addressing the nation’s energy challenges. With this strategic leap, PEL aims to lead the charge in Pakistan’s energy revolution through innovative exploration and development practices.

The acquisition also serves as a testament to the growing economic collaboration between Pakistan and Kuwait. By acquiring these assets from KUFPEC, a prominent Kuwaiti entity, PEL is further solidifying the longstanding relationship between the two nations. This deal is expected to pave the way for deeper economic engagement, not only in the energy sector but also across other fields of mutual interest.

The acquisition highlights the trust and cooperation that exists between Kuwait and Pakistan, particularly in the energy sector, which serves as a cornerstone for broader diplomatic and economic ties. It underscores the potential for future partnerships aimed at driving sustainable development and shared prosperity between the two countries. In a time of regional instability, the strengthening of energy cooperation between Kuwait and Pakistan provides a model for how countries can collaborate for mutual benefit.

This acquisition is deeply rooted in the vision of PEL’s founder, the late Mr. Zaheeruddin, whose leadership laid the foundation for the company’s remarkable success. His belief in Pakistan’s vast energy potential continues to guide PEL’s journey, from a pioneering local E&P company to a recognized leader in the global energy market.

With this latest acquisition, PEL honors the legacy of its founder, reaffirming its mission to explore and unlock the energy resources that will drive Pakistan’s growth and economic stability. The acquisition also reinforces PEL’s role as a steward of Pakistan’s energy future, focusing on sustainability, innovation, and value creation for the country’s people.

At a time when Pakistan’s energy sector faces multiple challenges—such as rising energy demands, high import costs, and inadequate domestic production—the KUFPEC acquisition stands out as a beacon of hope. With the added reserves and production capacity from the acquired assets, PEL is better equipped to meet the country’s energy needs while helping to reduce reliance on costly energy imports like Liquefied Natural Gas (LNG).

The acquisition has profound implications for Pakistan’s energy landscape. It represents a shift toward greater reliance on domestic production, which is expected to lessen the burden of expensive LNG imports. For a country that has been heavily dependent on foreign energy sources, this move is a significant step toward achieving energy independence.

Moreover, the integration of these assets will create a range of opportunities for local employment, technology transfer, and skill development. This acquisition will not only contribute to Pakistan’s energy stability but also boost the country’s economic growth by fostering investment in the energy sector. PEL’s efforts to promote domestic production align with the broader national objective of securing a self-sufficient energy future.

In a statement, KUFPEC emphasized that despite this divestment, it is working with the Director General Petroleum Concession and major exploration and production companies, it is preparing for the upcoming offshore bidding round.