OGDCL increases stake in Qadirpur gas field to 83%
- Ownership in the Qadirpur gas field rises from 75% to 82.99%
OGDCL has increased its working interest in the Qadirpur gas field from KUFPEC Pakistan to 82.99%, completing the acquisition process after government approval.
- OGDCL's increased ownership in Qadirpur gas field.
- The acquisition from KUFPEC Pakistan.
- Government approval for the working interest transfer.
The Oil and Gas Development Company (OGDCL) said on Friday that KUFPEC Pakistan’s E&P ownership in the Qadirpur gas field has increased from 75% to 82.99%.
The development was shared via a notice to the Pakistan Stock Exchange today.
“Regarding OGDCL’s acquisition of an additional 7.99% working interest in Qadirpur Development & Production Lease (D&PL) through a farm-in agreement with KUFPEC Pakistan B.V. (KPBV), we are pleased to inform that the acquisition process has been completed,” the notice said.
Pursuant to the approval of the Government of Pakistan and execution of the Deed of Assignment (DOA), the transfer of 7.99% working interest from KPBV to OGDCL has been effected.”
OGDCL is Pakistan’s largest exploration and production (E&P) company. Its operations encompass exploration, drilling services, production, reservoir management, and engineering support.
The company holds the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total awarded acreage. It plays a crucial role in Pakistan’s energy sector, contributing significantly to the nation’s total oil, natural gas, and LPG production.
Recent strategic developments for OGDCL include a shift towards enhanced gas exploration to diversify its reserves and boost production capacity. The company is also involved in diversification efforts, such as a funding commitment to the Reko Diq copper-gold project and progress on the Abu Dhabi Offshore Block-5.
Comments