Four Pakistani companies awarded Abu Dhabi oil, gas exploration blocks

Investing in an Abu Dhabi concession and exploring it’s oil and gas for the first time by Pakistani companies. On Tuesday, the Abu Dhabi National Oil Company (Adnoc) joined forces with a consortium of four Pakistani companies to explore the offshore Block 5 in Abu Dhabi. According to the Abu Dhabi-based energy giant, the consortium comprises Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), Oil and Gas Development Company Limited (OGDCL), and Government Holdings (Private) Limited (GHPL).

Adnoc has also partnered with Pakistani energy companies for the first time, reflecting the deep-rooted bilateral ties between the UAE and Pakistan. The UAE Minister of Industry and Advanced Technology and the Managing Director and Group CEO of Adnoc, Dr. Sultan Ahmed Al Jaber, signed a concession agreement with Moin Raza Khan, the managing director of PPL.

Pakistani companies will invest Dh1.12 billion ($304.7 million) during the exploration phase of the Abu Dhabi concession that covers an offshore area of 6,223 square kilometers and is located 100 kilometers north-east of the city. The UAE-Pakistan relationship has been 50 years old, but this new exploration concession win marks an important milestone in energy cooperation.

Pakistan and the Emirate of Abu Dhabi are jointly celebrating a landmark moment of cooperation and economic ties between the two countries. The award is also an opportunity for Pakistan and Adnoc to strengthen their strategic partner relationship, said Raza Khan.

“We are particularly excited by the fact that this consortium includes the four largest national exploration and production companies, which are well placed to support Adnoc and Abu Dhabi in reinforcing its leading position in the global energy sector,” Khan said.

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