The Oil and Gas Development Company Limited (OGDCL) announced on Friday that it has increased its working interest in the Qadirpur Development and Production Lease (D&PL) from 75% to 82.99%.
In a notice submitted to the Pakistan Stock Exchange (PSX), the company stated that the acquisition of an additional 7.99% stake from KUFPEC Pakistan B.V. (KPBV) has been successfully completed.
According to the notice, the transaction was finalized following approval from the Government of Pakistan and the execution of the Deed of Assignment (DOA). As a result, the transfer of the additional working interest from KPBV to OGDCL has officially taken effect.
OGDCL is Pakistan’s largest exploration and production (E&P) company, with operations spanning exploration, drilling, production, reservoir management, and engineering services. The company holds more than 40% of Pakistan’s awarded exploration acreage, making it a key contributor to the country’s oil, natural gas, and LPG output.
In recent years, OGDCL has focused on expanding its gas exploration activities to strengthen reserves and increase production. The company has also pursued diversification initiatives, including its investment commitment in the Reko Diq copper-gold project and ongoing developments in the Abu Dhabi Offshore Block-5 project. ERMD