Prime International secures two onshore exploration blocks, awaits regulatory nod

KARACHI: Prime International Oil and Gas Company Limited (Prime), a joint venture of Hub Power Holdings Limited—wholly owned by The Hub Power Company Limited (PSX: HUBC)—has successfully secured two onshore exploration blocks, Sukhpur-II and Naing Sharif, pending formal approval from regulatory authorities.

The development was disclosed in a notification to the Pakistan Stock Exchange (PSX) on Thursday.

The award of these blocks marks a significant step forward for Prime as it seeks to expand its upstream oil and gas portfolio. Once regulatory clearance is obtained, exploration activities are expected to commence in line with applicable petroleum laws and environmental protocols.

This expansion aligns with HUBC’s broader diversification strategy, which has seen the power producer increase its exposure to the energy value chain—including upstream exploration, LNG infrastructure, and renewable energy. The move also supports Pakistan’s efforts to reduce dependence on imported fuels by enhancing local hydrocarbon production.

Further details on investment size, exploration timelines, or potential reserves have not yet been disclosed.