OGDCL executes deal with KUFPEC to strengthen position
MG News | January 23, 2025 at 02:02 PM GMT+05:00
January 23, 2025 (MLN): Oil and Gas Development Company Limited (PSX: OGDC) has successfully executed a Farm-in Agreement with KUFPEC Pakistan B.V.
The agreement marks a pivotal step in strengthening OGDCL's position in the Qadirpur Development and Production Lease (D&PL).
As per the agreement, OGDCL utilized its preemption right, which is provided under Article 12.5 of the Qadirpur Petroleum Concession Agreement (PCA), according to the company's statement issued today.
As a result of the agreement, OGDCL will acquire 7.99% of KUFPEC's share, increasing its working interest in Qadirpur D&PL from 75% to 82.99%, subject to regulatory approvals.
This development underscores OGDCL's strategic focus on optimizing its asset portfolio and enhancing its role in Pakistan's energy sector, thereby ensuring sustainable growth and value creation for its stakeholders.
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