The consortium comprised of:
- Mari Petroleum Company Limited
- Pakistan Petroleum Limited (PPL) (Operator)
- Oil & Gas Development Company Limited (OGDCL)
- Government Holdings (Private) Limited (GHPL)
The 2nd competitive block bid round was launched in 2019 and the award to the Pakistani consortium concludes the round.
CEO of ADNOC Ahmed Al Jaber said:
- This historic exploration concession award marks a new chapter of energy cooperation in the 50-year old UAE-Pakistan relationship
- 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 2nd competitive block bid round as we continue to accelerate the exploration and development of Abu Dhabi’s untapped resources
- This award is not only a watershed moment for Pakistan and the Emirate of Abu Dhabi towards bilateral energy cooperation and economic links but also offers an opportunity to strengthen strategic cooperation with ADNOC to share technical know-how and expertise
ADNOC has the option to hold a 60% stake in the production phase of the concession.
The term of the production phase is 35 years from the start of the exploration phase.
The UAE is OPEC's 3rd-largest oil producer, accounting for 5.6% of all proven reserves worldwide.