Karachi June 12 2025: Government of Pakistan, OGDC, PPL and MARI Consortium to Hold 40% Stake in Offshore Block 5, Abu Dhabi, according to companies filing to the Pakistan Stock Exchange.
“We are pleased to announce the signing and execution of a Production Concession Agreement (PCA), for the development of Offshore Block 5, Abu Dhabi. The PCA has been signed between the Supreme Council for Financial and Economic Affairs (“SCFEA”) on behalf of the Government of the Emirate of Abu Dhabi, Abu Dhabi National Oil Company (ADNOC) P.J.S.C (“ADNOC”), and Pakistan International Oil Limited (“PIOL”)” states the notice.
“PIOL is a special purpose vehicle incorporated by a consortium comprising Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies Limited, and Government Holdings (Private) Limited, with each partner holding a 25% share” the notification added.
Upon execution of the PCA, the partnership will be between ADNOC and PIOL with PIOL holding 40% participating interest.
