Pakistan enters Abu Dhabi exploration
ABU DHABI, September 1, 2021 – A Pakistani consortium has been awarded Block 5 in Abu Dhabi’s second competitive bid round, Abu Dhabi National Oil Company (ADNOC) confirmed on Tuesday.
The 6220-square-kilometre offshore block sits 100 kilometres northeast of Abu Dhabi and is the last offering in the bidding round.
The consortium consists of Pakistan’s Oil and Gas Development Company, Mari Petroleum, Government Holdings and Pakistan Petroleum, with the latter chosen as operator. Each have a 25% share.
Under the terms of agreement, the consortium will invest USD 304 million in the exploration phase, where it will have a 100% stake. ADNOC is entitled to an optional 60% stake in the production phase.
This award is the first time Pakistani companies invest in E&P activities in the UAE.