Karachi: Mari Energies Limited has announced the signing and execution of a Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi. The agreement was formalized between the Supreme Council for Financial and Economic Affairs (SCFEA) representing the Government of the Emirate of Abu Dhabi, the Abu Dhabi National Oil Company (ADNOC) P.J.S.C, and Pakistan International Oil Limited (PIOL).

The PCA marks a significant collaboration involving PIOL, a special purpose vehicle created by a consortium including Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies Limited, and Government Holdings (Private) Limited. Each entity within the consortium holds an equal 25% share in PIOL.

Upon the PCA's execution, the partnership structure positions PIOL with a 40% participating interest alongside ADNOC in the development of the offshore oil block. This agreement comes as part of the strategic endeavors by the involved parties to explore and develop oil resources in the region.

According to information available from the Pakistan Stock Exchange (PSX), this development is shared in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Regulations. The announcement is intended for dissemination among the exchange's members, highlighting the formalization of this significant cross-national energy collaboration.