Pakistan on Friday announced it has awarded 23 offshore exploration blocks to four consortia led by local energy companies, though some are partnered with foreign firms, including Turkiye’s national oil company TPAO.
According to the Ministry of Energy, the first such bidding round in nearly two decades resulted in the acceptance of bids for 23 of 40 offshore blocks, covering around 53,500 square kilometers. The successful bidders include state-run Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and MariEnergies, along with privately-owned Prime Energy, backed by the Hub Power Company (Hubco).
TPAO secured a 25% stake in one of the awarded blocks and the right to operate it after signing a joint bidding agreement with PPL earlier this year. Other partners include Hong Kong-based United Energy Group; Orient Petroleum, a major local independent producer; and Fatima Petroleum, part of Pakistan’s Fatima Group conglomerate.
The four winning consortiums, led by OGDCL, PPL, Mari Petroleum and Prime Energy, collectively pledged about $80 million in exploration work over the initial three-year period, the energy ministry said. Total investment could rise to between $750 million and $1 billion if drilling proceeds, it added.
In a statement, the energy minister said Phase-I of the agreement would allow the companies to conduct comprehensive geophysical and geological studies. Once these studies are completed, the companies will enter Phase-II, which would include drilling of exploratory wells in the prospective areas.