Turkey gets operational stake in Pakistan's oil field
Turkish state-owned firm to invest in the Eastern Offshore Indus C Block
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The Eastern Offshore Indus C Block is located off the coast of Pakistan
Turkey has agreed to invest in Pakistan’s oil and gas exploration sector with an agreement on the operations of an offshore oil field.
Pakistan Petroleum Limited (PPL) has transferred the operatorship of the Eastern Offshore Indus C Block to Turkish Petroleum Overseas Company (TPOC), a subsidiary of Turkey’s state-owned oil firm, Turkey Petrolleri Anonim Ortaklığı (TPAO).
The agreement, which marks the start of a strategic collaboration between Pakistan and Turkey, is aimed at boosting energy sector cooperation and attracting foreign direct investment (FDI) into Pakistan’s offshore oil and gas exploration.
Under the terms of the agreement, PPL will assign a 25% participating interest and operatorship to TPOC. Additionally, Oil & Gas Development Company Limited (OGDCL) and Mari Energies Limited (MariEnergies) will each acquire a 20% stake, while the PPL will retain the remaining 35%.
The deal was finalized after a series of high-level government engagements between Pakistan and Turkey. It is pending final regulatory approvals.
“This partnership represents a significant step forward in unlocking Pakistan’s offshore hydrocarbon potential,” PPL said in a statement. “It reflects the shared vision of both nations to deepen strategic energy cooperation.”
Razgir-1 well comes onstream
Pakistan’s local natural gas output is set to increase as a key well in the country’s north-west has started production.
In separate filings with the Pakistan Stock Exchange, Pakistan Oilfields Limited and the Oil & Gas Development Company (OGDCL) said the Razgir-1 well in Kohat district of Khyber Pakhtunkhwa province was successfully brought onstream on October 12 at the Tolanj Production Facility.
The well is currently producing approximately 28 million cubic feet per day (mmcfd) of gas and 350 barrels per day of condensate.
The OGDC holds a post-commerciality working interest of 27.76% in the Razgir-1 well, while the Pakistan Oilfields Limited holds a 25% pre-commerciality working interest. MOL Pakistan is the well’s operator.
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