The federal government on Friday said it has awarded 23 offshore exploration blocks to four consortiums led by local energy companies, some partnered with foreign firms, including Turkiye’s national oil company Turkish Petroleum Corporation (TPAO), after an 18-year gap.
In Pakistan’s first such bidding round in nearly two decades, the energy ministry said that the bids were awarded for 23 of 40 offshore blocks offered, covering around 53,500 square kilometres.
The energy ministry listed state-run Oil and Gas Development Co. Ltd (OGDCL), Pakistan Petroleum Ltd (PPL) and MariEnergies, along with privately-owned Prime Energy, which is backed by Hub Power Company (Hubco), among the successful bidders.
TPAO secured a 25 per cent stake in one of the awarded blocks and the right to operate it after signing a joint bidding agreement with PPL earlier this year to explore the country’s offshore prospects.
Other partners include Hong Kong-based United Energy Group, Orient Petroleum, a major local independent producer, and Fatima Petroleum, part of the 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 $750m and $1 billion if drilling proceeds, it added.
Pakistan’s 300,000 square kilometre offshore zone, bordering energy-rich Oman, the United Arab Emirates and Iran, has seen just 18 wells drilled since independence in 1947, too few to fully assess its hydrocarbon potential.
Pakistan, which imports about half its oil, is seeking to revive foreign interest after the failure of the 2019 Kekra-1 well led to the exit of US major Exxon Mobil.
