Gold prices steady ahead of Fed decision; weekly weakness noted
ABU DHABI - A Pakistani consortium has secured a 40% participating interest in Abu Dhabi’s Offshore Block 5 following the execution of a Production Concession Agreement (PCA), according to a press release statement issued Thursday.
The agreement was signed between the Supreme Council for Financial and Economic Affairs representing the Government of the Emirate of Abu Dhabi, Abu Dhabi National Oil Company (ADNOC), and Pakistan International Oil Limited (PIOL).
PIOL is a special purpose vehicle created by a consortium of four Pakistani energy companies: Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Energies Limited, and Government Holdings (Private) Limited. Each partner holds an equal 25% share in PIOL.
Under the terms of the agreement, PIOL will partner with ADNOC, which will retain the remaining 60% interest in the offshore block.
The announcement was made in compliance with Section 96 of the Securities Act, 2015 and regulations of the Pakistan Stock Exchange Limited, where Oil and Gas Development Company Limited is listed.
The company did not disclose financial details or specific development plans for the offshore block in its statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.