ISLAMABAD: The Economic Coordination Committee on Tuesday approved theassignment of operating rights in the Eastern Offshore Block-C to TurkishPetroleum Overseas Company, ending a four-year delay in explorationactivities. Pakistan Petroleum Limited, the original operator, had failedto commence work despite holding the licence since 2020.
Under the decision, TPOC will immediately assume operational control whilePPL retains a significant stake. The revised participating interestsallocate 35 percent to PPL, 25 percent to TPOC, 20 percent to Mari Energiesand 20 percent to Oil and Gas Development Company Limited. The ECC alsoextended the licence period to facilitate timely drilling.
The development marks a rare instance of foreign operator entry inPakistan’s offshore sector, which has remained largely dormant despite highhydrocarbon potential in the Indus Delta. Officials described the move ascritical for attracting international expertise and investment amiddepleting onshore reserves.
Energy ministry sources said TPOC plans to deploy advanced seismictechnology and expedite exploratory drilling within the next eighteenmonths. The block, located in water depths of up to 2,000 metres, isconsidered prospective for substantial gas discoveries that could easePakistan’s growing import dependence.
Analysts welcomed the decision as a pragmatic step to revive stalledprojects through partnerships. They cautioned, however, that success hingeson favourable global oil prices and sustained policy support. Theassignment required special waiver of standard regulations, reflectinggovernment urgency to accelerate offshore activity.
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Source:www.dawn.com/news/1971732/ecc-allows-turkish-firm-to-operate-offshore-block”>https://www.dawn.com/news/1971732/ecc-allows-turkish-firm-to-operate-offshore-block
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