KARACHI: A consortium of Pakistan’s oil and gas exploration companies on Friday announced its plan to invest $400 million in the oil exploration sector of the United Arab Emirates by participating in a bidding process organized by the Abu Dhabi National Oil Company (ADNOC).
The consortium comprising the Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), Pakistan Petroleum Limited (PPL), and Government Holding (Private) Limited has decided to incorporate a company/special purpose vehicle by the name of "NewCo" in Abu Dhabi Global Market and Pakistan, the OGDCL said in an information disclosure notice to the Pakistan Stock Exchange (PSX) on Friday.
“Each consortium partner has a 25% shareholding in the company,” the statement said. “The consortium has submitted a bid for one of the blocks offered in the Abu Dhabi Bid Round 2019 and incorporation of the NewCo is one of the conditions to qualify for the award.”
The Economic Coordination Committee of the Cabinet (ECC) had allowed the consortium to submit the bid in 2019, asking its members to make the initial investment through their own resources in keeping with the size of their shares.
Five blocks have been announced for the commercially competitive bidding in the upcoming round in Abu Dhabi, three of which are offshore and two onshore, according to the information posted on the ADNOC website.
The Pakistani consortium clarified in its statement that the award would be granted by the Supreme Council for Finance and Economic Affairs (SCFEA) of the Emirate of Abu Dhabi, adding that no decision in this regard had yet been taken.
According to the information shared by the OGDCL, each consortium company will invest up to $100 million in case of a successful bid, taking the total financing to $400 million.
If the block is not awarded to the consortium, however, the companies have also agreed to dissolve NewCo.
Asked about the initiative, experts said it could turn out to be a good opportunity for the Pakistani companies.
“They have submitted the bid for offshore exploration which will help them earn huge profits if they win the award and their drilling remains successful,” Tahir Abbas, director research at Arif Habib, told Arab News.
He added that working with the ADNOC could also produce several exciting opportunities for the consortium in future.
The UAE is the world’s seventh-largest oil producer which has about 96 percent of oil reserves in Abu Dhabi.
Located in one of the world’s largest hydrocarbon super-basins, much of its stocks of oil and gas remain undiscovered and untapped.
Pakistani consortium plans to invest $400 million in UAE oil exploration sector
https://arab.news/m6v3a
Pakistani consortium plans to invest $400 million in UAE oil exploration sector
- The consortium has submitted its bid for an offshore block in a process organized by the Abu Dhabi National Oil Company
- Located in one of the largest hydrocarbon super-basins, the UAE is the seventh-largest oil producer in the world
Pakistan, US discuss investment in energy, minerals and counter-terrorism fields
- PM Shehbaz Sharif met US State Secretary Marco Rubio, International Development Finance Corporation CEO Benjamin Black
- The prime minister invites US officials to visit Pakistan at the earliest to explore mutually beneficial investment opportunities
ISLAMABAD: Prime Minister Shehbaz Sharif has discussed investment in Pakistan’s energy, minerals, counterterrorism and other sectors with top United States (US) officials, Sharif’s office said.
The meetings took place on the sidelines of the inaugural meeting of the Gaza Board of Peace in Washington that is intended to oversee international stabilization and rebuilding efforts in Gaza after months of war.
Sharif, accompanied by his deputy Ishaq Dar, met US Secretary of State Marco Rubio, who appreciated Pakistan’s ongoing support of Trump’s peace plan for Gaza and for joining the Board of Peace.
“In our meeting, we discussed the importance of our strategic relationship on critical minerals development and counterterrorism,” Rubio said on X after the meeting.
Pakistan has sought to re-energize economic diplomacy with Washington as it attempts to enhance its exports, attract foreign investment and stabilize its economy under an International Monetary Fund-backed reform program.
In July 2025, the two countries agreed to a bilateral trade deal that included reciprocal tariff reductions, while the two sides have increased diplomatic contacts alongside engagements on trade, minerals, security cooperation and regional stability in recent months.
Sharif, who this week traveled to the US on Trump’s invitation, later met US International Development Finance Corporation (DFC) CEO Benjamin Black, who was accompanied by DFC’s Head of Investments Conor Coleman and other senior officials, according to his office.
The prime minister invited Black to visit Pakistan at his earliest convenience to explore mutually beneficial investment opportunities in various sectors of shared interest.
“The Prime Minister appreciated the expanding economic partnership between Pakistan and the United States and recognized DFC’s crucial role in catalyzing joint ventures between private enterprises of the two countries, essential to job creation and productivity enhancement,” Sharif’s office said.
“Highlighting Pakistan’s fast improving macroeconomic fundamentals, Government’s commitment to deepening structural reforms, and attractive investment climate, the Prime Minister invited DFC to enhance its financing for projects in the energy, mines and minerals, agriculture and IT sectors.”
Sharif also invited DFC to participate in the upcoming minerals conference in Islamabad in April.
In Oct., Pakistan dispatched its first ever shipment of rare earth and critical minerals to the United States, a Chicago-based public relations (PR) firm said, following a landmark $500 million deal between the two countries.
The agreement, signed between American firm US Strategic Metals (USSM) and Pakistan’s Frontier Works Organization (FWO), aimed to create a framework for joint development of the entire mineral value chain, including exploration, beneficiation, concentrate production and eventual establishment of refineries in Pakistan.
