OGDCL raises Qadirpur lease stake to 82.99% after buying KUFPEC interest

The Oil and Gas Development Company Limited (OGDCL) has completed the acquisition of an additional 7.99% working interest in the Qadirpur Development and Production Lease through a farm-in agreement with KUFPEC Pakistan B.V., the company informed the Pakistan Stock Exchange on Friday.

Following completion of the transaction, OGDCL’s working interest in the Qadirpur D&PL and concession area, Block 2667-1, has increased from 75% to 82.99%.

The company had earlier disclosed the planned acquisition on January 23, 2025.

According to the PSX notice, the acquisition process has now been completed after approval from the Government of Pakistan and execution of the Deed of Assignment.

The transfer of 7.99% working interest from KUFPEC Pakistan B.V. to OGDCL has been carried out under Rule 8 and Rule 9 of the Pakistan Onshore Petroleum (Exploration and Production) Rules, 1986.

A working interest represents a company’s participating share in a petroleum lease, including its share in production rights, costs and obligations under the relevant concession arrangement.

The Qadirpur D&PL is part of Block 2667-1. With the transaction completed, OGDCL has strengthened its ownership position in the concession area.

OGDCL was incorporated on October 23, 1997, under the Companies Ordinance, 1984, now the Companies Act, 2017. The company was established to carry out exploration and development of oil and gas resources, including the production and sale of oil and gas and related activities previously undertaken by Oil and Gas Development Corporation, which was established in 1961.