Oil and Gas Development Company Limited (OGDCL) has announced a significant increase in its working interest in the Qadirpur Development and Production Lease (D&PL) through a farm-in agreement with KUFPEC Pakistan B.V.
The energy giant disclosed this development through a notice to the Pakistan Stock Exchange (PSX) on Thursday. The move enhances OGDCL’s stake in the gas field from 75% to 82.99%, reinforcing its position in Pakistan’s energy sector.
“Oil and Gas Development Company Limited (OGDCL) is pleased to announce the successful execution of a Farm-in Agreement with M/s KUFPEC Pakistan B.V. The agreement marks a pivotal step in strengthening OGDCL’s position in the Qadirpur D&PL,” the company said in its notice.
The agreement, finalised under Article 12.5 of the Qadirpur Petroleum Concession Agreement (PCA), allowed OGDCL to exercise its right of preemption to acquire an additional 7.99% share from KUFPEC. The transaction is subject to regulatory approvals.
OGDCL emphasized that this strategic development aligns with its focus on optimizing its asset portfolio and creating sustainable value for stakeholders. The Qadirpur gas field, a critical asset for the company, will benefit from enhanced operational oversight as OGDCL continues to support Pakistan’s growing energy demands.
