Wednesday, April 24, 2024

Pakistani consortium intends to put $400 million in UAE oil exploration sector

According to the news, on Friday a consortium of Pakistan’s oil and gas exploration companies released its plan to invest $400 million in the oil exploration sector of the United Arab Emirates by taking part in a bidding process prepared by the ADNOC (Abu Dhabi National Oil Company).

The consortium consists of the Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), Pakistan Petroleum Limited (PPL), and Government Holding (Private) Limited has joined a company/special purpose vehicle by the name of “NewCo” in Abu Dhabi Global Market and Pakistan, the OGDCL said in an information divulgence notice to the Pakistan Stock Exchange (PSX) on Friday.

Their statement said, “Each consortium partner has a 25 percent shareholding in the company, the consortium has submitted a bid for one of the blocks offered in the Abu Dhabi Bid Round 2019 & incorporation of the NewCo is one of the conditions to qualify for the award.”

They further said that each consortium company will invest up to $100 million in case of a successful bid, taking the total financing to $400 million

The consortium released a clarified statement that the Supreme Council will give the award for Finance and Economic Affairs (SCFEA) of the Emirate of Abu Dhabi, in addition, that no decision in this matter had yet been taken.

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