PAKISTAN
The Oil and Gas Development Company Limited (OGDCL) has announced that it has entered into a farm-out agreement to acquire a 20% working interest in the Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL).
According to a statement submitted to the Pakistan Stock Exchange (PSX) under Section 96 of the Securities Act, 2015, the partnership also includes Turkish Petroleum Overseas Company (TPOC) — a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortaklığı (TPAO), the national oil company of Türkiye — and MariEnergies.
The collaboration follows high-level engagements between the Governments of Pakistan and Türkiye to deepen bilateral cooperation in the energy sector and attract foreign direct investment (FDI) for exploration in Pakistan’s underexplored offshore basins.
Subject to regulatory approvals, the operatorship of the Indus-C Block will be transferred to TPOC, which has extensive global experience in offshore exploration and field development. Once the transaction is finalized, the participating interests in the block will stand as:
TPOC: 25% (Operator)
PPL: 35%
OGDCL: 20%
MariEnergies: 20%
OGDCL stated that the transaction reaffirms its commitment to advancing offshore exploration in Pakistan. Leveraging its technical expertise, seismic capabilities, and prior participation in offshore programs, the company aims to play a pivotal role in accelerating exploration and development activities in the country’s offshore sector. The company added that this partnership marks a significant milestone in strengthening long-term strategic energy cooperation between Pakistan and Türkiye, paving the way for the exploration of Pakistan’s vast offshore hydrocarbon potential. –
ER News Desk
