PEL Petroleum Exploration to acquire the Pakistan assets from KUFPEC.

PEL Petroleum Exploration, a private sector Pakistani E&P company, agreed to acquire the Pakistan assets from KUFPEC, an international upstream company. Financial terms were not disclosed. "This acquisition aligns with the long-term strategy of Petroleum Exploration (Private) Limited, to continue exploring the world, discovering energy and unlocking the country's vast energy resources, and embodies the vision of our founder, the late Mr Zaheer Uddin, whose leadership and foresight have guided us to this important moment. We are confident that the addition of these assets will help us drive forward our mission to meet the growing energy demands of Pakistan," Shahzad Zahee, PEL Chairman and CEO.