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ADNOC awards Pakistan International Oil Ltd. offshore concession

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Oilfield Technology,

ADNOC has granted a concession to Pakistan International Oil Ltd. for the exploration of petroleum and natural gas in Offshore Block 5.

This is Abu Dhabi’s second competitive bidding round organised by ADNOC for the exploration, development and production of oil and gas.

DWF assisted the client in reviewing and advising on all concession agreements and documents provided by ADNOC in the bidding round, along with assisting the consortium partners to negotiate and agree the shareholders agreement and setting up of the entity in the ADGM, Pakistan International Oil Ltd. in Abu Dhabi, a company that is fully owned by the Pakistani consortium members: Pakistan Petroleum Ltd.; Oil and Gas Development Co. Ltd.; Mari Petroleum Ltd.; and Government Holdings (Private) Ltd. This is the first time that a foreign fully owned subsidiary has been licensed by the Abu Dhabi Global Market (ADGM) to conduct oil and gas activities in the UAE.

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Upstream news Exploration news Offshore news Oil & gas news