PPL secures eight new offshore exploration blocks in competitive bidding

KARACHI: Pakistan Petroleum Limited (PSX: PPL) has successfully secured eight new offshore exploration blocks in the latest competitive bidding round conducted by the Government of Pakistan. The company achieved a 100% success rate, winning provisional awards for all blocks it contested.

In a notice to the Pakistan Stock Exchange (PSX), PPL confirmed it participated in the bidding on October 31, 2025, and was awarded the blocks on November 12, 2025. PPL will operate two blocks—Gharo Creek and Kochi Creek—while acting as a joint venture (JV) partner in six others alongside prominent exploration and production (E&P) firms.

The awarded blocks include Gharo Creek, Kochi Creek, Bin Qasim South, Keti Bandar, Behr, Zarrar, Offshore Deep D, and Sapat Bandar, all located in Pakistan’s coastal and deepwater zones. PPL’s joint venture partners include national companies such as Oil and Gas Development Company Limited (OGDCL), Mari Energies Limited, and Prime Global Energies Limited.

The partnership structures show PPL holding interests ranging from 23% to 30% across the blocks. OGDCL and Mari Energies will lead or co-partner in most of the ventures, with Prime Global Energies holding up to a 31% interest in select blocks.

The awards are provisional and subject to the execution of several formal steps, including Production Sharing Agreements (PSAs), Exploration Licenses, and Joint Operating Agreements with partners. PPL described the success as a significant step in its strategy to expand Pakistan’s hydrocarbon base and reduce reliance on imports.

This bidding round is part of the government’s initiative to boost upstream exploration through competitive licensing and partnerships with both domestic and international E&P firms. Once the agreements are finalized, seismic surveys and exploratory drilling will begin in the awarded blocks to tap into Pakistan’s underexplored offshore resources.