Abu Dhabi state firm Adnoc on 31 August made the fourth and last block award as a result of the emirate’s second bidding round launched in 2019 (MEES, 3 May 2019).
A Pakistani consortium led by state firm Pakistan Petroleum Limited (PPL) has pledged to invest up to $305mn in exploring the 6,223km2 Offshore 5 concession “for oil and gas.” Should commercial discoveries be made, Adnoc has the right to take up to 60% at the development stage with the production concession to last 35 years from the start of the exploration phase. (CONTINUED - 786 WORDS)
