ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC) approved the formation of a new offshore exploration consortium on Tuesday, granting Turkish Petroleum Overseas Company (TPOC) the operatorship of the Eastern Offshore Block-C. The move is part of Pakistan’s efforts to revitalize its offshore drilling activities and attract international investment.
The decision allows Pakistan Petroleum Limited (PPL) to transfer part of its interest in the block to TPOC, Mari Energies, and state-run Oil & Gas Development Company Limited (OGDCL). Following the transaction, PPL will retain a 35% stake, while TPOC will hold 25% and assume operational control once a formal agreement is finalized.
Khurram Schehzad, adviser to the finance ministry, emphasized that the deal would bring valuable international offshore operating experience to Pakistan’s exploration sector. He noted that the transition is expected to enhance technical capabilities, operational efficiency, and overall project delivery.
The Eastern Offshore Block-C is said to contain a drill-ready prospect, which the consortium will now pursue, a move that could attract new foreign investment in Pakistan’s energy sector.
With the ECC’s approval, the consortium is set to begin preparations for drilling operations. This deal comes after Pakistan’s first offshore bidding round since 2007, which awarded bids for 23 out of 40 offered blocks, covering approximately 53,500 square kilometers.
Pakistan’s offshore zone, covering 300,000 square kilometers and bordering energy-rich Oman, the UAE, and Iran, has seen limited exploration, with just 18 wells drilled since independence in 1947. This new consortium marks a significant step toward unlocking the potential of Pakistan’s offshore hydrocarbon resources.
