Participating interest in offshore block transferred

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Monday witnessed the signing ceremony for transferring 25 percent participating interest in an offshore block to various stakeholders.

The deed of assignment was executed among the Directorate General Petroleum Concession, Ministry of Energy-Petroleum Division, Government Holdings (Private) Limited, Eni Pakistan Ltd (8.34 percent), Exxon Mobil Exploration and Production Pakistan

BV, Oil and Gas Development Company (8.33 percent) and Pakistan Petroleum Limited (8.33 percent) to effectuate the transfer of participating interest in block 2265-1 of the Offshore lndus G.

The block is considered as one of the most promising blocks in offshore Pakistan. An ultra-deep exploration well is planned to be spud in the first quarter of 2019 in the block for which preparations are underway.

Exploration success in offshore Pakistan will change the energy landscape of the country.

The assignment is of great significance as it is the continuation of an increased interest from major oil companies in Pakistan’s offshore exploration with Eni reconfirming its long lasting commitment to Pakistan and ExxonMobil returning to Pakistan after 33 years.

Eni Pakistan Ltd (operator), a subsidiary of Eni SpA, is leading the joint venture. The signing ceremony, held at Prime Minister’s Office, was attended by additional secretary petroleum division, the Italian Ambassador, US Deputy Chief of mission and senior executives of the companies.