WORLD
Pakistan Petroleum Limited (PPL) and Mari Energies Limited have officially informed the Pakistan Stock Exchange (PSX) about the signing of a landmark Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi.
The PCA was executed between the Supreme Council for Financial and Economic Affairs (SCFEA) on behalf of the Government of the Emirate of Abu Dhabi, Abu Dhabi National Oil Company (ADNOC) P.J.S.C., and Pakistan International Oil Limited (PIOL).
PIOL is a special purpose vehicle jointly established by a consortium of four Pakistani state-owned entities:
Pakistan Petroleum Limited (PPL)
Oil and Gas Development Company Limited (OGDCL)
Mari Energies Limited
Government Holdings (Private) Limited (GHPL)
Each of the consortium partners holds a 25% equity stake in PIOL.
Under the terms of the agreement, PIOL will hold a 40% participating interest in the offshore concession, with the remaining share held by ADNOC.
The signing of this PCA marks a significant milestone in Pakistan’s upstream oil and gas sector, representing the first direct international exploration and production venture of its kind by a Pakistani consortium in the Gulf region.
The disclosure was made in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations for prompt dissemination of material information to market participants. – ENGINEERING REVIEW
