REG - Oil and Gas Devt Co - Acquisition of 20% WI in Eastern Offshore

Oil And Gas Development CoAnnouncement

15/10/2025 07:00

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RNS Number : 4613D  Oil and Gas Development Company Ltd  15 October 2025

 

 

 

 

CS04-08 (PSX/LSE/SECP)
                          October 15, 2025

 The General Manager,               London Stock Exchange Plc.,

 Pakistan Stock Exchange Limited,   10 Paternoster Square,

Stock Exchange Building,

                                  London EC4M 7LS.
 Stock Exchange Road,

Karachi-74000, Pakistan.

                                    Tel: (44) 20 7334 8907

 

 

Subject:    Acquisition of 20% Working Interest in Eastern Offshore
Indus-C Block and Strategic Partnership with Turkish Petroleum Overseas
Company (TPOC)

Dear Sir,

 

Oil and Gas Development Company Limited (OGDCL) is pleased to inform that it
has entered into a farm-out agreement to acquire a 20% working interest in
Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL),
alongside Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary
of Türkiye Petrolleri Anonim Ortaklığı (TPAO) - the national oil company
of Türkiye - and MariEnergies. This partnership stems from high-level
engagements between the Governments of Pakistan and Türkiye aimed at
deepening bilateral cooperation in the energy sector and encouraging foreign
direct investment to initiate exploration activities in Pakistan's
underexplored offshore basins.

 

Subject to regulatory approvals, the operatorship of the Block is to be
transferred to TPOC, which has extensive experience in offshore exploration
and field development. Following completion of the transaction and receipt of
all required approvals, the participating interests are expected to be: TPOC
25% (Operator), PPL 35%, OGDCL 20%, and MariEnergies 20%.

This transaction underscores OGDCL's commitment to advancing offshore
exploration in Pakistan. Leveraging its strong exploration expertise, in-house
seismic capabilities, and prior participation in offshore programs, the
Company is well positioned to play a central role in accelerating exploration
and development in the Country's offshore basins. The collaboration with TPOC,
PPL, and MariEnergies is a meaningful stride toward unlocking Pakistan's
offshore hydrocarbon potential and further solidifying long-term strategic
energy cooperation between Pakistan and Türkiye.

The foregoing information is submitted in compliance with Section 96 of the
Securities Act, 2015 and Clause 5.6.1 of the Pakistan Stock Exchange Limited
Regulations, for dissemination amongst your members, please.

 Yours Sincerely,

 

 

 

(Wasim Ahmad)

Company Secretary

Copy:

Executive Director, Supervision Division, SECP, NIC Building, Blue Area,
Islamabad.

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