PPL Announces Deal for Offshore Block 5 Abu Dhabi

Staff Report

Karachi: Pakistan Petroleum Limited (PPL) is 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), and Pakistan International Oil Limited (PIOL).

PIOL is a special-purpose vehicle incorporated by a consortium comprising PPL, Oil and Gas Development Company Limited, Mari Energies Limited, and Government Holdings (Private) Limited, with each partner holding a 25 percent share.

PPL is the Management Shareholder and Operator of PIOL. Upon execution of the PCA, the partnership will be between ADNOC and PIOL, with PIOL holding 40 percent participating interest.

Visit of delegation of Abu Dhabi (AD) Ports Company to Pakistan

PIOL was awarded the Offshore block in 2021, following a competitive bidding round for offshore exploration in Abu Dhabi.