UAE Oil Giant Awards Rights To Four Pakistani Companies To Explore Oil And Gas In The Middle East

Despite "very competitive proposals," the Pakistani consortium was able to secure the exploration award.

ImagePakistani energy companies have made a tremendous achievement by securing oil and gas exploration contracts from one of the world’s biggest oil companies.

As per details, the Abu Dhabi National Oil Company (ADNOC) has awarded exploration rights for Offshore Block 5 to a Pakistani consortium for a whopping $304.7 million.

PPL-led consortium awarded Offshore Block 5 in Abu Dhabi - The Times Of Sindh - TOSThe Pakistani consortium consists of Pakistan Petroleum Ltd. (PPL), Mari Petroleum Company Ltd. (MPCL), Oil & Gas Development Company Ltd. (OGDCL), and Government Holdings (Private) Ltd (GHPL).

As per the agreement, the Pakistani consortium will have full rights to explore and develop new oil and gas avenues in Offshore Block 5.

However, Adnoc has the option to keep a 60% stake in the production phase.

The Offshore Block 5 is located 100 kilometers northeast of Abu Dhabi city and covers an area of 6,223 square kilometers.

The Pakistani consortium has secured oil and gas exploration contracts in Offshore Block 5.

The contract term between Adnoc and the Pakistani consortium is for 35 years from the start of exploration.

This historic exploration concession award marks a new chapter of energy cooperation in the 50-year old UAE-Pakistan relationship.”

This was stated by Dr. Sultan Ahmed Al Jaber, the Emirati Minister of Industry & Advanced Technology and the Director-General and Chief Executive Officer (CEO) of Adnoc.

The Emirati Minister of Industry & Advanced Technology and the Director-General and Chief Executive Officer (CEO) of Adnoc, Dr.Sultan Ahmed Al Jaber, gives the good news of the agreement’s awarding to the leader of the Pakistani consortium, Moin Raza Khan. (ADNOC)

According to Al Jaber, the contract awarded to the Pakistani consortium presents “win-win” opportunities to bolster the South Asian country’s energy companies and strengthen the strategic and economic ties between the UAE and Pakistan.

It is appreciable  that the Pakistani consortium secured the award for Offshore Block 5, despite the area seeing “very competitive proposals” from other countries.

What are your views on this? Share with us in the comments below.

  • This looks like a money laundering scheme. After sending a lot of money for drilling, nothing will be found but a mountain of sand.

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