CCP approves IDL Investments’ stake increase in Jura Energy, cites no competition concerns

The Competition Commission of Pakistan (CCP) has authorised IDL Investments Limited to increase its stake in Jura Energy Corporation following a review under the Competition Act, 2010, concluding that the transaction is unlikely to affect competition in the country’s upstream oil and gas sector.

The acquisition involves the purchase of common shares of Jura Energy from Phoenix Exploration Limited, under a Share Purchase Agreement dated March 5, 2025, the CCP said in a statement on Monday.

Jura Energy, a publicly listed company incorporated in Alberta, Canada, operates in Pakistan through its wholly owned subsidiaries Spud Energy Pty Limited and Frontier Holdings Limited, which hold working interests in multiple exploration licences and production leases.

IDL Investments, incorporated in the British Virgin Islands, already held shares in Jura Energy and has now increased its ownership stake through the latest transaction. Phoenix Exploration, the seller, is an investment holding company incorporated in Mauritius with energy sector investments across multiple jurisdictions, including oil and gas exploration ventures.

The CCP conducted a Phase I competition assessment to evaluate potential market impact. The regulator defined the relevant market as upstream oil and gas exploration and production in Pakistan and noted that IDL Investments does not have independent operational activities in the country outside of its existing shareholding in Jura Energy.

As such, the commission concluded that the transaction primarily represents a change in shareholding at the parent company level and does not affect the operational structure of Jura’s subsidiaries in Pakistan. The deal does not involve horizontal or vertical integration and is unlikely to create or strengthen a dominant market position or substantially lessen competition.

The acquisition was authorised under Section 31(1)(d)(i) of the Competition Act, 2010. However, the CCP noted that the transaction had been completed before regulatory approval was obtained, in violation of pre-merger requirements. The parties were directed to comply strictly with the Competition Act and the Competition (Merger Control) Regulations, 2016 in future deals.

The regulator said the deal underscores sustained investor interest in Pakistan’s upstream oil and gas sector, which remains critical for energy security and economic growth.