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, PIOL holding 40 percent participating interest.

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

About Pakistan Petroleum Limited

The pioneer of the natural gas industry in the country, Pakistan Petroleum Limited (PPL) has been a frontline player in the energy sector since the mid-1950s. As a major supplier of natural gas, PPL today contributes over 20 percent of the country’s total natural gas supplies besides producing crude oil, Natural Gas Liquid and Liquefied Petroleum Gas.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.