ISLAMABAD – Pakistan International Oil Limited (PIOL), a consortium of four Pakistani energy companies, has been awarded an offshore exploration contract in UAE.
The contract for Offshore Block 5 has been awarded to Pakistani consortium consisting of Pakistan Petroleum Limited (PPL), Oil and Gas Development Company (OGDCL), Mari Petroleum Company Limited (MPCL), and Government Holdings (Private) Limited (GHPL). The consortium has been awarded Offshore Block 5 in Abu Dhabi’s second competitive exploration bid round, a press statement issued here by OGDCL said.
The Offshore Block 5 covers an area of 6,223 square kilometers and is located 100 kilometers north east 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 UAE Minister of Industry and Advanced Technology, and Managing Director and Group CEO of Abu Dhabi National Oil Company (ADNOC), Dr. Sultan Ahmed Al Jaber and Moin Raza Khan, MD/CEO of PPL, on behalf of PIOL. This concession award is the first opportunity for Pakistani E&P companies to explore, appraise and develop of and gas resources in Abu Dhabi, along with establishing a strategic partnership with ADNOC.