Canada’s Jura Energy operating in Pakistan: CCP authorises share acquisition

ISLAMABAD: The Competition Commission of Pakistan (CCP) has authorised the acquisition of shares of Jura Energy Corporation by IDL Investments Limited from Phoenix Exploration Limited, following a review under the Competition Act, 2010.

The transaction involves the purchase of common shares of Jura Energy by IDL Investments pursuant to a Share Purchase Agreement dated 5 March 2025. Jura Energy, a publicly listed company incorporated in Alberta, Canada, is engaged in oil and gas exploration and development and operates in Pakistan through its wholly owned subsidiaries Spud Energy Pty Limited and Frontier Holdings Limited, which hold working interests in various exploration licenses and leases.

IDL Investments Limited, incorporated in the British Virgin Islands, functions as an investment holding company with a diversified portfolio. Prior to the transaction, IDL already held a shareholding in Jura Energy. Through this acquisition, IDL has increased its ownership stake in the company.

The seller Phoenix Exploration Limited, incorporated in Mauritius, is an investment holding company with investments in energy and allied sectors across several jurisdictions, including oil and gas exploration ventures.

The CCP conducted a Phase-I competition assessment to evaluate the potential impact of the transaction on competition in Pakistan. The relevant market was identified as upstream oil and gas exploration and production in Pakistan.

The CCP observed that the acquirer does not have independent operational activities in Pakistan other than its existing shareholding in Jura Energy. Consequently, the transaction results primarily in a change in shareholding at the level of the parent company, without affecting the operational structure of Jura’s subsidiaries in Pakistan.

After reviewing the available information and market dynamics, the CCP concluded that the transaction does not involve horizontal or vertical integration between the merger parties and is unlikely to create or strengthen a dominant position or substantially lessen competition in the relevant market.

Accordingly, the Commission authorised the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.

During the proceedings, the CCP also noted that the transaction had been completed prior to obtaining the Commission’s approval as required under the merger control regime. The parties were directed to ensure strict compliance with the pre-merger approval requirements of the Competition Act and the Competition (Merger Control) Regulations, 2016 in future transactions.

This merger reflects the importance of investment in Pakistan’s upstream oil and gas sector, which is critical for strengthening the country’s energy security and economic growth. The CCP remains committed to facilitating pro-competitive investments through a transparent merger review process while ensuring that market competition is preserved.

Copyright Business Recorder, 2026