Pakistan's Oil and Gas Development Company (OGDCL) has entered into a farm-out agreement to acquire a 20 per cent working interest in the Eastern Offshore Indus-C block.
The company will acquire the stake from Pakistan Petroleum (PPL) and will partner with Turkish Petroleum Overseas Company (TPOC) and MariEnergies in the venture.
The partnership stems from high-level engagements between the governments of Pakistan and Turkey, which OGDCL said is aimed at deepening bilateral cooperation in the energy sector and encouraging foreign direct investment to initiate exploration activities in Pakistan’s underexplored offshore basins.
Subject to regulatory approvals, the operatorship of the block is to be transferred to TPOC, a wholly-owned subsidiary of Turkey’s national oil company.
Following the completion of the transaction, the participating interests in the block are expected to be TPOC with 25 per cent, PPL with 35 per cent, OGDCL with 20 per cent, and MariEnergies with 20 per cent.
OGDCL stated that the transaction underscores its commitment to advancing offshore exploration in Pakistan.
