ISLAMABAD: Oil & Gas Development Company Limited (OGDC) on Thursday announced the signing of a Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi, solidifying its participation in an international upstream venture through a consortium-based initiative.
The agreement was executed between the Supreme Council for Financial and Economic Affairs, representing the Government of the Emirate of Abu Dhabi; Abu Dhabi National Oil Company (ADNOC); and Pakistan International Oil Limited (PIOL), a special-purpose entity formed by a consortium comprising OGDCL, Pakistan Petroleum Limited, Mari Energies Limited, and Government Holdings (Private) Limited. Each partner holds an equal 25% share in PIOL.
Following the PCA’s execution, the partnership is now formalized between ADNOC and PIOL, with PIOL securing a 40% participating interest in the offshore concession.
In a separate development, OGDCL reported a significant gas and condensate discovery at the Faakir-1 well, located in the Bitrisim Exploration Licence area of Khairpur District, Sindh Province. The company, acting as operator with a 95% working interest alongside joint venture partner Government Holdings (Private) Limited (5%), drilled the exploratory well to a total depth of 4,185 meters in the Sembar Formation after spudding it on Dec. 31, 2024.
Based on wireline log interpretation, two Drill Stem Tests were conducted in the Lower Goru Formation, targeting the Massive Sand and Basal Sand intervals. The testing yielded a cumulative output of 6.4 million standard cubic feet of gas per day and 55 barrels per day of condensate through a 32/64-inch choke. Wellhead flowing pressures were recorded at 450 psi for DST-1 and 850 psi for DST-2.
OGDCL said the Faakir-1 discovery significantly enhances the commercial potential of the Lower Goru Formation and extends the viability of the Bitrisim licence. The company emphasized that the find aligns with its strategy of aggressive exploration and underscores its commitment to leveraging indigenous hydrocarbon resources to bridge Pakistan’s energy supply-demand gap.