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Oil and Gas Development Company Limited (OGDCL) entered a farm-out agreement to acquire a 20% working interest in the Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL). The agreement involves Turkish Petroleum Overseas Company (TPOC) and MariEnergies, with participating interests, subject to regulatory approvals, expected to be TPOC 25% (Operator), PPL 35%, OGDCL 20%, and MariEnergies 20%. The announcement was made on October 15, 2025.
| Date | 15 Oct 2025 |
| Time | 07:00:02 |
| Category | Acquisitions and alliances |
| ID | 4613D |
CS04-08 (PSX/LSE/SECP) October 15, 2025
|
The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Road, |
London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS.
Tel: (44) 20 7334 8907 |
Subject: Acquisition of 20% Working Interest in Eastern Offshore Indus-C Block and Strategic Partnership with Turkish Petroleum Overseas Company (TPOC)
Dear Sir,
Oil and Gas Development Company Limited (OGDCL) is pleased to inform that it has entered into a farm-out agreement to acquire a 20% working interest in Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL), alongside Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortaklığı (TPAO) - the national oil company of Türkiye - and MariEnergies. This partnership stems from high-level engagements between the Governments of Pakistan and Türkiye 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, which has extensive experience in offshore exploration and field development. Following completion of the transaction and receipt of all required approvals, the participating interests are expected to be: TPOC 25% (Operator), PPL 35%, OGDCL 20%, and MariEnergies 20%.
This transaction underscores OGDCL's commitment to advancing offshore exploration in Pakistan. Leveraging its strong exploration expertise, in-house seismic capabilities, and prior participation in offshore programs, the Company is well positioned to play a central role in accelerating exploration and development in the Country's offshore basins. The collaboration with TPOC, PPL, and MariEnergies is a meaningful stride toward unlocking Pakistan's offshore hydrocarbon potential and further solidifying long-term strategic energy cooperation between Pakistan and Türkiye.
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, please.
Yours Sincerely,
(Wasim Ahmad)
Company Secretary
Copy:
Executive Director, Supervision Division, SECP, NIC Building, Blue Area, Islamabad.