A newly invigorated Kuwait Foreign Petroleum Exploration Company (Kufpec) is on a roll in North America. Just weeks after spending $1.5bn to secure a 30% stake in Chevron’s Duvernay shale assets in Canada (MEES, 10 October), Kufpec now has its eyes trained on the Mexican oil and gas industry – which only recently opened up to foreign investment.

Kufpec, the overseas upstream arm of state-owned Kuwait Petroleum Corporation (KPC), this week signed a Memorandum of Understanding (MOU) with PMI Comercio International, a subsidiary of Mexican state oil and gas giant Pemex. (CONTINUED - 744 WORDS)