AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Oil and Gas Development Company Limited (OGDCL) has announced a strategic acquisition and partnership aimed at enhancing offshore exploration in Pakistan. The company has entered into a farm-out agreement to acquire a 20% working interest in the Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL). This partnership includes Turkish Petroleum Overseas Company (TPOC) and MariEnergies.
The agreement is part of a broader initiative between the governments of Pakistan and Türkiye to strengthen bilateral cooperation in the energy sector. The collaboration is expected to encourage foreign direct investment in Pakistan’s underexplored offshore basins and initiate exploration activities.
Once regulatory approvals are granted, TPOC will assume operatorship of the Indus-C Block. The company’s experience in offshore exploration is expected to play a crucial role in the development of the block. Upon completion of the transaction, the participating interests in the block will be: TPOC with 25%, PPL holding 35%, OGDCL with 20%, and MariEnergies also holding a 20% stake.
OGDCL emphasized that this acquisition is a testament to its commitment to advancing offshore exploration in the country. The company plans to leverage its exploration expertise and seismic capabilities to accelerate the development of Pakistan’s offshore basins.
The collaboration with TPOC, PPL, and MariEnergies marks a significant step towards unlocking Pakistan’s offshore hydrocarbon potential. It also aims to solidify long-term strategic energy cooperation between Pakistan and Türkiye. The information is submitted in compliance with the Securities Act, 2015, and the Pakistan Stock Exchange Limited Regulations.