Pakistani consortium wins exploration rights for Abu Dhabi’s Offshore Block 5

The Abu Dhabi National Oil Company (ADNOC) awarded the exploration rights for Abu Dhabi’s Offshore Block 5 to a consortium of four Pakistani companies, marking the first time Pakistani companies invest in and explore for oil and gas in an Abu Dhabi concession.

The consortium is composed of Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), Oil and Gas Development Company Limited (OGDCL), and Government Holdings (Private) Limited (GHPL) – in Abu Dhabi’s second competitive block bid round. The consortium is led by PPL.

The award marks the first time Pakistani companies invest in and explore for oil and gas in an Abu Dhabi concession as well as the first time ADNOC partners with Pakistani energy companies.

“The consortium was selected as part of Abu Dhabi’s block bid round where we have once again reinforced our approach to strategic partnerships that contribute the right combination of market access, capital, best-in-class expertise or advanced technology. We are very optimistic about the potential to unlock significant value with all our partners in this second competitive block bid round as we continue to accelerate the exploration and development of Abu Dhabi’s untapped resources, in line with the Leadership’s wise directives,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC.

ADNOC said that the consortium will hold a 100 percent stake in the exploration phase, investing up to $304.7 million (AED1.12 billion) towards exploration and appraisal drilling.