Pakistani energy giants on Thursday announced the signing of a Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi.
This development was disclosed by the Pakistan Petroleum Limited, Oil and Gas Development Company Limited, and Mari Energies Limited through separate notifications to the Pakistan Stock Exchange (PSX).
According to the disclosure, the Production Concession Agreement has been signed between the Supreme Council for Financial and Economic Affairs (SCFEA) on behalf of the Government of the Emirate of Abu Dhabi, Abu Dhabi National Oil Company (ADNOC) and Pakistan International Oil Limited (PIOL).
Pakistan International Oil Limited is a special purpose vehicle incorporated by a consortium comprising Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies Limited, and Government Holdings (Private) Limited, with each partner holding a 25% share.
Upon execution of the PCA, the partnership will be between ADNOC and Pakistan International Oil Limited with PIOL holding 40% participating interest. PIOL will collaborate with ADNOC, which will hold the remaining 60%, for the exploration and development of the offshore block.
