Karachi: Pakistan Petroleum Limited (PPL) has achieved a noteworthy milestone by securing provisional awards for eight offshore hydrocarbon exploration blocks following a competitive bidding process held by the Government of Pakistan on October 31, 2025. The announcement came on November 12, 2025, marking a significant development in the country’s energy sector.
PPL participated in the bidding for eight blocks and managed to secure a 100% success rate. The company will act as the operator for two blocks and will participate as a joint venture (JV) partner in six other blocks. The awarded blocks include Gharo Creek, Kochi Creek, Bin Qasim South, Keti Bandar, Behr, Zarrar, Offshore Deep D, and Sapat Bandar.
The joint venture partnerships involve collaboration with other exploration and production (E&P) companies, including the Oil and Gas Development Company Limited, Mad Energies Limited, Mari Energies Limited, and Prime Global Energies Limited. The partnerships are delineated as follows: PPL holds a 40% stake as an operator in Gharo Creek and Kochi Creek, while their partners hold the remaining interests. In blocks like Bin Qasim South and Keti Bandar, PPL shares a 24% interest, with various other companies operating or sharing the remaining stakes.
According to information available from the Pakistan Stock Exchange (PSX), these arrangements are subject to the execution of respective Production Sharing Agreements, the granting of Exploration Licenses, the execution of Joint Operating Agreements among the respective JV Partners, and the completion of related legal and procedural formalities.
This information was submitted in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations. The designated market category is energy sector exploration and production.