The Abu Dhabi National Oil Company (ADNOC) announced that it has signed a historic exploration concession agreement awarding a consortium of four Pakistani companies the exploration rights for Abu Dhabi’s Offshore Block 5 as a part of Abu Dhabi’s block second bid round , a press release issued by ADNOC reported.

The consortium, led by Pakistan Petroleum Limited (PPL), includes Mari Petroleum Company Limited (MPCL), Oil and Gas Development Company Limited (OGDCL), and Government Holdings (Private) Limited (GHPL).

According to the agreement, the consortium will hold a 100% stake in the exploration phase and will invest up to $304.7 million in exploration and appraisal drilling.

Sultan Ahmed Al-Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC said: “This historic exploration concession award marks a new chapter of energy cooperation in the 50-year old UAE-Pakistan relationship. It represents an important platform upon which we can drive win-win opportunities to support Pakistan’s energy security and further strengthen the stratic and economic ties between our two countries. We are delighted to partner with Pakistan Petroleum Limited and the other members of the consortium on Offshore Block 5.”

“The consortium was selected as part of Abu Dhabi’s block bid round where we have once again reinforced our approach to strategic partnerships that contribute the right combination of market access, capital, best-in-class expertise or advanced technology,” Al-Jaber added.