Oil and Gas Development Company Limited (OGDCL) has announced a significant increase in its operating interest in the Qadirpur Development and Production Lease (D&PL) through a farm-in agreement with KUFPEC Pakistan B.V.
The energy giant revealed this development through a notice addressed to the Pakistan Stock Exchange (PSX) on Thursday. The move boosts OGDCL’s stake in the gas field from 75% to 82.99%, strengthening its position in Pakistan’s energy sector.
“Oil and Gas Development Company Limited (OGDCL) is pleased to announce the successful implementation of the farm-in agreement with M/s KUFPEC Pakistan BV. The agreement represents a pivotal step in strengthening OGDCL’s position in the Qadirpur D&PL project,” the company said in a statement. Notify her.
The agreement, which was concluded under Article 12.5 of the Qadirpur Petroleum Concession Agreement (PCA), allowed OGDCL to exercise the right of first refusal to acquire an additional 7.99% stake in the Kuwait Foreign Petroleum Exploration Company. The deal is subject to regulatory approvals.
OGDCL emphasized that this strategic development is in line with its focus on improving its asset portfolio and creating sustainable value for its stakeholders. The Qadirpur gas field, one of the company’s critical assets, will benefit from enhanced operational oversight as OGDCL continues to support Pakistan’s growing energy demand.