ISLAMABAD: Kuwait Foreign Petroleum Exploration Company has begun withdrawing its investments from Pakistan’s oil and gas sector.
The Kuwaiti oil exploration company has sold its assets to Pakistan Exploration Limited for approximately $60 million.
A senior official from the Ministry of Energy told media that foreign oil and gas exploration companies are growing increasingly frustrated due to the circular debt in the gas sector.
The circular debt in the gas sector has reached PKR 2.7 trillion.
A 12-month delay in the approval of amendments to the 2012 E&P Policy also played a role in the foreign company’s decision.
Kuwait Foreign Petroleum Exploration Company is selling off its investments in various blocks in Pakistan and relocating them to other countries.
