KARACHI: The Government of Pakistan on Wednesday executed petroleum exploration agreements for one offshore and two onshore blocks with a consortium of state-run and foreign firms, the country’s largest explorer said in a statement.
The agreements, signed on Dec. 2, involve the Oil & Gas Development Company Limited (OGDCL), Turkey’s state-owned Turkish Petroleum Oil Company (TPOC), and a group of Pakistani firms, OGDCL said in a notice to the Pakistan Stock Exchange.
The blocks include the Eastern Offshore Indus-C Block, an offshore area in which TPOC will act as operator with a 25% stake. Partners include OGDCL (20%), Pakistan Petroleum Limited (PPL) (35%), and Mari Energies Limited (20%).
The two onshore blocks are Ziarat North, where Mari Energies is operator with a 33.16% interest, and Sukhpur-II, operated by Prime International Oil & Gas Company Limited with a 25% stake. OGDCL, PPL, TPOC, and Government Holdings (Private) Limited hold varying interests in the onshore blocks.
“These agreements mark an important step for OGDCL, enhancing its exploration portfolio across both offshore and onshore frontiers and strengthening its long-term growth opportunities,” the company stated.
The deals follow earlier announcements of intended participation made by OGDCL in May and October of this year.
Pakistan has sought to accelerate exploration activities to reduce its reliance on energy imports and address chronic domestic supply shortfalls.