A consortium of Pakistan’s companies 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 established Pakistan International Oil Limited (PIOL) in Abu Dhabi as an independent joint-venture company.
The consortium, which has been awarded Offshore Block 5 in Abu Dhabi’s second competitive exploration bid round, aims to commence the company’s operations. Offshore Block 5 covers an area of 6,223 sq. km and is located 100 km northeast of Abu Dhabi city. The offshore Block 5 covers an area of 6,223 sq. km and is located 100 km northeast of Abu Dhabi city.
The exploration concession agreement was signed by the UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), Dr. Sultan Ahmed Al Jaber, and the MD and CEO of PPL, Moin Raza Khan, on behalf of PIOL on 31 August 2021.
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.
The Consul General of the Consulate of the UAE, Bakheet Ateeq Ali Al-Remeithi, inaugurated the PIOL office in Abu Dhabi.
Speaking at the event, he remarked that it is “an important milestone” that will lead to the economic development of both countries besides providing full support in this regard.
OGDCL, MPCL, GHPL, and PPL (Operator) each own 25 percent shares in the independent company.
