Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Pakistani group wins Abu Dhabi block

Two men clap on teleconference with black border around them
Adnoc's Sultan Al Jaber and PPL CEO Moin Raza Khan celebrate the signing

A Pakistani group of companies has won Offshore Block 5, offshore Abu Dhabi, under its second bid round.

Pakistani Petroleum Ltd (PPL) is the operator of the consortium. Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL) and Government Holdings (Private) Limited (GHPL) are also part of the wining group, Pakistan International Oil Ltd (PIOL).

The four companies have 25% stakes each. PIOL will invest $304.7 million in exploration on the area.

Offshore Block 5 covers 6,223 square km and is 100 km northeast of the Abu Dhabi city.

Adnoc disclosed that it would not award a licence on the onshore Block 2. Noting its discovery of substantial unconventional resources, some 22 billion barrels of oil, Adnoc said it plans instead to sign up partners specifically for this.

The block’s resources have potential to rank alongside “the most prolific North American shale oil plays”.

Going global

Pakistan Minister for Energy Hammad Azhar said the “award is a new beginning for both on the energy front. As Pakistan addresses escalating energy demand in the country, such milestones for energy co-operation will surely assist the country towards bridging the energy supply and demand gap.”

PPL CEO Moin Raza Khan signed the agreement with the head of Adnoc, and Minister of Industry and Advanced Technology, Sultan Al Jaber.

Al Jaber said the agreement provided an opportunity to “support Pakistan’s energy security and further strengthen the strategic and economic ties between our two countries”.

The Adnoc official went on to say that the company was optimistic about prospects from the second bid round. It aims to “continue to accelerate the exploration and development of Abu Dhabi’s untapped resources, in line with the Leadership’s wise directives”, he said.

PIOL will hold a 100% stake in the block during exploration. Should it make a commercial discovery, Adnoc will have an option to acquire a 60% stake during production.

DWF provided legal assistance and advice to the Pakistani group on Adnoc’s requirements and documents.

DWF partner Umera Ali described the deal as a milestone. “It is the first time foreign companies have been allowed to incorporate a fully owned subsidiary to conduct upstream oil and gas work”, Ali said.

Mass movement

Eni and Thailand’s PTT Exploration and Production (PTTEP) won the first offshore block from Adnoc’s second round. The two companies won Offshore Block 3.

Occidental Petroleum won onshore Block 5. Adnoc awarded Offshore Block 4 to Japan’s Cosmo Energy Holdings.

Oxy said it would invest $140mn in exploration, while Cosmo will spend $145mn and Eni and PTTEP $412mn. The spending commitment from the Pakistan group brings the total to just over $1 billion.

As with Eni and PTTEP at Offshore Block 3, PIOL will contribute financially and technically to Adnoc’s mega seismic survey. This is shooting 3D seismic on Offshore Block 5.

Recommended for you

More from Energy Voice

Latest Posts