UAE: A Consortium comprising Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), Government Holdings (Private) Limited (GHPL), and Pakistan Petroleum Limited (PPL) (Operator), has been awarded Offshore Block 5 in Abu Dhabi's second competitive exploration bid round. Offshore Block 5 covers an area of 6,223 square kilometers and is located 100 kilometers northeast of Abu Dhabi city. To this end, the consortium companies have established an independent company viz., Pakistan International Oil Limited (PIOL) at Abu Dhabi Global Market with each consortium company having a 25% equity stake in PIOL. The exploration concession agreement was signed by the United Arab Emirates (UAE) Minister of Industry and Advanced Technology, and Managing Director and Group CEO of Abu Dhabi National Oil Company (ADNOC), H.E. Dr. Sultan Ahmed Al Jaber on August 31, 2021, and Mr. Moin Raza Khan, MD / CEO of PPL, on behalf of PIOL.
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This concession award is the first opportunity for Pakistani E&P companies to explore, appraise and develop oil and gas resources in Abu Dhabi, along with establishing a strategic partnership with ADNOC.
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Speaking at the event, H.E. Bakheet claimed that it is "an important milestone". He further added that it would lead to the economic development of the two countries and also provide full support in this regard.
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