Petroleum Exploration acquires energy assets from Kuwaiti firm to boost Pakistan's energy security

Petroleum Exploration (Pvt) Ltd has acquired energy assets from Kuwait Foreign Petroleum Exploration Company (KUFPEC). This includes oil and gas concessions in Dadu, Kirthar, Tajjal, and Qadirpur, enhancing PEL's exploration portfolio. The acquisition aims to tap into Pakistan's energy-rich regions, addressing the country's rising energy demands and reducing reliance on costly imports. PEL's chief executive stated that this move aligns with the company's long-term strategy for energy exploration. Pakistan's energy sector currently faces challenges such as high import costs and inadequate domestic production. The new assets are expected to improve local production capacity and support energy security.