Pakistani energy companies won big in Abu Dhabi, with four of them securing an offshore exploration contract from UAE blue-chip ADNOC. The contract is for the Offshore Block 5 and the consortium features Pakistan Petroleum ltd. (PPL), Mari Petroleum Company ltd. (MPCL), Oil and Gas Development Company ltd. (OGDCL), and Government Holdings (Private) ltd (GHPL).
This is Abu Dhabi’s second competitive block bid round.
The consortium will have the rights to a production concession to develop and produce any future discoveries. ADNOC has the option to hold 60 per cent stake in the production phase of the concession. The term of the production phase is for 35 years from start of exploration.
“This historic exploration concession award marks a new chapter of energy cooperation in the 50-year old UAE-Pakistan relationship,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC. “It represents an important platform upon which we can drive win-win opportunities to support Pakistan’s energy security and further strengthen the strategic and economic ties between our two countries.”