23 new offshore exploration blocks: Mari Energies secures provisional awards

ISLAMABAD: Mari Energies Limited has secured provisional awards for 23 new offshore exploration blocks following the Pakistan E&P Offshore Bid Round 2025.

The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

“We are pleased to inform that the Directorate General of Petroleum Concessions (DGPC), vide its letters dated November 12, 2025, has communicated the provisional award of 23 new offshore exploration blocks to Mari Energies Limited, of which 18 blocks are awarded as an operator and five blocks as a joint venture partner with other E&P companies,” read the notice.

The blocks have been awarded after competitive bidding based on work units committed by various E&Ps in the Pakistan E&P Offshore Bid Round 2025 (October), conducted by DGPC, Mari said.

The E&P shared that it has entered into partnerships with Turkish Petroleum Overseas Company (TPOC), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Prime Global Energies Limited (Prime), United Energy Pakistan Limited (UEP), Orient Petroleum Inc (OPI), and Fatima Petroleum Company Limited (FPCL).

The company will hold 100 percent working interest in 10 Makran Offshore Ultra Deep blocks, while other awarded areas, including Behr, Zarrar, Offshore Deep A to F, and Keti Bandar, will be developed through various joint ventures.

It said the formal award of petroleum rights in the blocks is conditional to grant of petroleum exploration licences and execution of production sharing agreements with the government; execution of joint operating agreements among the respective JV partners; completion of related legal/procedural formalities.

“The acquisition of these offshore exploration blocks is a part of the company’s long-term strategy, where it aims not only to find new hydrocarbon resources but also to largely contribute towards the energy security of Pakistan.

“The acquired blocks, together with various consortiums, will allow systematic exploration of multiple untested hydrocarbon plays across both the Indus and Makran basins,” added the company.

Last month, Pakistan’s Ministry of Energy awarded 23 offshore exploration blocks of 40 blocks offered, covering around 53,500 square kilometres, to four consortia led by local energy companies, some partnered with foreign firms including Turkey’s national oil company TPAO.

The four winning consortiums led by OGDCL, PPL, Mari Petroleum, and Prime Energy collectively pledged about USD 80 million in exploration work over the initial three-year period, the energy ministry said.

Total investment could rise to between USD 750 million and USD 1 billion if drilling proceeds, it added.

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.

Copyright Business Recorder, 2025