A consortium consisting of Pakistan's leading oil and gas companies is awarded the exploration rights to an offshore block in Abu Dhabi.
The consortium selected for offshore block 5 is led by Pakistan Petroleum, alongside Mari Petroleum, OGDCL, and GHPL. It will hold a 100% stake in the block and will invest up to USD304.7 million. It will have the right to a 35-year production concession if commercial discoveries are made.
Abu Dhabi National Oil Co. (ADNOC) will have the option to take a 60% share in the production phase.
