ADNOC awards exploration rights for Abu Dhabi’s offshore block 5 to Pakistani consortium

ADNOC awards exploration rights for Abu Dhabi’s offshore block 5 to Pakistani consortium

The Abu Dhabi National Oil Company (ADNOC) announced the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s Offshore Block 5 to a consortium of four Pakistani companies. The companies consist of Pakistan Petroleum Limited (PPL), which is leading the consortium, as well as Mari Petroleum Company Limited (MPCL), Oil and Gas Development Company Limited (OGDCL), and Government Holdings (Private) Limited (GHPL) – in Abu Dhabi’s second competitive block bid round. PPL operates 15 producing fields across Pakistan and contributes over 20 per cent of the country’s total natural gas supplies. As per the agreement, the consortium will hold a 100 per cent stake in the exploration phase, investing up to $304.7m (Dhs1.12bn) towards exploration and appraisal drilling, including a participation fee, to explore for and appraise oil and gas opportunities in the block that covers an offshore area of 6,223 square kilometers and is located 100 kilometers north east of Abu Dhabi city. The agreement marks the first time Pakistani companies will invest in and explore for oil and gas in an Abu Dhabi concession as well as the first time ADNOC has partnered with Pakistani energy companies. Following a successful commercial discovery during the