PPL signed agreement with ADNOC Abu Dhabi for oil exploration

Pakistan Petroleum Limited in corporation with Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL) and Government Holdings (Private) Limited (GHPL) has been awarded offshore block 5 in Abu Dhabi’s second competitive exploration block bid round. The wined block covers an area of 6,223 square kilometers and is located 100 kilometers northeast of Abu Dhabi. Moin Raza Khan, MD and CEO PPL has signed exploration concession agreement with Dr. Sultan Ahmed Al Jaber, the United Arab Emirates (UAE) Minister of Industry and Advanced Technology and Managing Director and Group CEO of Abu Dhabi National Oil Company (ADNOC). The significant agreement builds on the deep-rooted bilateral relationship between the UAE and the Islamic Republic of Pakistan. Speaking on the occasion, Moin Raza Khan said  that we are predominantly excited that this consortium comprises the ‘big four’ national exploration and production companies that are fully geared to support ADNOC and the Emirate of Abu Dhabi in strengthening its leading position in the global energy sector. This concession award is the first opportunity for Pakistani E&P companies to explore, appraise and develop oil and gas resources in Abu Dhabi, along with starting a strategic corporation with ADNOC. The term of the production phase is 35 years from the inauguration of the exploration phase. Under the terms of the agreement, the consortium will hold a 100 percent stake in the exploration phase for exploration and appraisal drilling and to evaluate oil and gas opportunities in the block.