In a first, 4 Pakistani companies awarded oil, gas exploration block in Abu Dhabi
- By Web Desk -
- Aug 31, 2021
ABU DHABI: The Abu Dhabi National Oil Company (ADNOC) on Tuesday announced it has signed 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) are part of the consortium to be led by PPL.
Energy Minister Hammad Azhar confirmed the signing of the agreement in a post on his official Twitter handle.
“We are proud to announce that a consortium of four Pakistani companies under ministry of energy have been awarded exploration rights to a prolific offshore block in Abu-Dhabi,” he said.
“This is a site that is considered rich in oil and gas and I wish these companies best of luck.”
We are proud to announce that a consortium of four Pakistani companies under ministry of energy have been awarded exploration rights to a prolific offshore block in Abu-Dhabi. This is a site that is considered rich in oil and gas and I wish these companies best of luck.
— Hammad Azhar (@Hammad_Azhar) August 31, 2021
This is the first time that 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, Emirates News Agency reported.
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 signed the exploration concession agreement.
Minister of State for Information and Broadcasting Farrukh Habib termed the development “Fantastic”.
“For the 1st time 4 Pak companies consortium PPL, MPCL, OGDCL, GHPL awarded exploration rights in Abu Dhabi,” he tweeted. “This renews partnership, business & strategic depth & opens a new phase of energy cooperation to strengthen strategic & economic ties.”