It's most likely heatsink plaster,..
View attachment 199736
It's specifically designed to conduct heat but Not electricity.
Most things that transfer heat also conduct electricity.
The plaster is safe to use to remove heat without shorting out any wires or conductors.
They also have heat transfer tape and different colored heat transfer "grease".
I also ordered some silicone heatsink glue to glue things in place, but I was sent the same type of paste. It doesn't cure and harden up like I was expecting.