Adnoc awards offshore block rights to Pakistani consortium

Adnoc awards offshore block rights to Pakistani consortium

ABU DHABI / WAM

The Abu Dhabi National Oil Company (Adnoc) on Tuesday announced the signing of a historic exploration concession agreement, awarding exploration rights for Abu Dhabi’s Offshore Block 5 to a consortium of four Pakistani companies — Pakistan Petroleum Limited (PPL), 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. The consortium is led by PPL. The award marks the first time Pakistani companies invest in and explore for oil and gas in an Abu Dhabi concession as well as the first time Adnoc partners with Pakistani energy companies. The agreement builds on the deep-rooted bilateral relationship between the UAE and Pakistan and underscores Adnoc’s expanded approach to strategic partnerships, including those who can provide access to key growth markets for the company’s crude oil and products. The exploration concession agreement was signed by Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of Adnoc, and Moin Raza Khan, Managing Director and CEO of PPL. Speaking on the occasion, Dr Al Jaber said, “This historic exploration concession award marks a new