Mari Energies Limited (MARI), one of the country’s largest E&Ps, has signed agreements with Orient Petroleum Inc. (OPI) to acquire stakes in three oil and gas exploration and production blocks in Pakistan.
The listed company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to inform you that MariEnergies and OPI have signed farm-out agreements under which MariEnergies will acquire from OPI the following: a) 45% working interest and operatorship in Marwat block located in Khyber Pakhtunkhwa, b) 45% working interest and operatorship in Harnai South block located in Balochistan, and c) 20% non-operating working interest in Ratana D&P Lease located in Punjab,” read the notice.
MARI informed that the latest acquisitions are subject to requisite regulatory approvals, execution of deeds of assignment with the government, and completion of other related formalities.
Mari Energies, Ghani Chemical join hands for emissions reduction project
“This transaction demonstrates MariEnergies’ commitment towards strengthening its upstream portfolio by expanding into remaining prospective onshore areas across the country, supporting indigenous hydrocarbon exploration & development activities and contributing to Pakistan’s energy security,” it concluded.
MARI is the country’s second-largest producer of natural gas. It is an integrated oil and gas E&P company with an exploration success rate of around 70%, which is significantly higher than the industry averages of approximately 30% nationally and 14% internationally.
The company operates Pakistan’s largest gas reservoir at Mari Gas Field, Daharki, Sindh.
Comments
Comments are closed for this article.