KUFPEC signs MoU with Mexico’s PEMEX

oil3This is the first oil agreement between Kuwait and Mexico. (Image source: Eric Kounce/Wikimedia Commons)Kuwait Foreign Petroleum Exploration Company (KUFPEC), a wholly-owned subsidiary of Kuwait Petroleum Corporation, has signed an exploration and production MoU with PetrleosMexicanos (PEMEX)

According to the Kuwaiti company, the deal sets the ground for cooperation between the two companies in the evaluation and pursuit of mutual business opportunities in the field of new investments for the exploration and production of oil and gas in Mexico and worldwide.

The MOU was signed in Mexico City by Shaikh Nawaf Saud Al-Nasir Al-Sabah, CEO of KUFPEC, and Jose Manuel Carrera Panizzo, CEO of PEMEX’s subsidiary PMI.

Al-Sabah said that the step KUFPEC was taking into Mexico was fully consistent with KUFPEC’s plans to achieve its 2030 strategic objectives and comes as a result of the recently enacted energy reform in Mexico.

“We are looking forward to cooperate with our friends in PEMEX through the first joint project between oil companies of Mexico and Kuwait,” he added.

KUFPEC is an international petroleum company engaged in the exploration, development, and production of crude oil and natural gas outside the Kuwait. It is currently active in 14 countries with 60 projects in the international upstream sector.

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