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Oil & Gas Development Company Limited announced the signing and execution of a Production Concession Agreement (PCA) for the development of Offshore Block 5, Abu Dhabi, on June 12, 2025. The PCA was signed by the Supreme Council for Financial and Economic Affairs, Abu Dhabi National Oil Company (ADNOC) P.J.S.C., and Pakistan International Oil Limited (PIOL). PIOL, a consortium where Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Energies Limited, and Government Holdings (Private) Limited each hold a 25% share, will hold a 40% participating interest in the partnership with ADNOC.
| Date | 12 Jun 2025 |
| Time | 09:51:01 |
| Category | Miscellaneous |
| ID | 5852M |
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OIL & GAS DEVELOPMENT COMPANY LIMITED (BOARD SECRETARIAT) |
CS04-08/(PSX/LSE/SECP) June 12, 2025
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The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi |
London Stock Exchange Plc. 10 Paternoster Square, London EC4M 7LS Tel: (44) 20 7334 8907 |
Subject: Signing and Execution of Production Concession Agreement (PCA), in Respect of Abu Dhabi's Offshore Block 5
Dear Sir,
We are 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) P.J.S.C ("ADNOC"), and Pakistan International Oil Limited ("PIOL").
PIOL is a special purpose vehicle incorporated by a consortium comprising Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Energies Limited, and Government Holdings (Private) Limited, with each partner holding a 25% share.
Upon execution of the PCA, the partnership will be between ADNOC and PIOL with PIOL holding 40% participating interest.
The foregoing information is submitted in compliance with Section 96 of the Securities Act, 2015 and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, for dissemination amongst your members.
Yours sincerely,
(Wasim Ahmad)
Company Secretary
Copy
Executive Director/HOD,
Offsite-II Department, Supervision Division,
Securities & Exchange Commission of Pakistan,
63, NIC Building, Jinnah Avenue, Blue Area,
Islamabad.
