Mari Energies Acquires 20% Stake in Offshore Indus-C Block
Mari Energies partners with Turkish Petroleum Overseas Company to explore Pakistan’s underdeveloped offshore reserves in a move seen as a breakthrough for bilateral energy cooperation.
In a notice to Pakistan Stock Exchange, Mari Energies has informed that it has entered into a farm-out agreement to acquire a 20% working interest in Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL), alongside Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortaklığı (TPAO), the national oil company of Türkiye, and Oil & Gas Development Company Limited (OGDCL).Mari Petroleum Drills First-Ever Horizontal Well in Mari Gas Field
This partnership stems from high-level engagements between the Governments of Pakistan and Türkiye aimed at deepening bilateral cooperation in the energy sector and encouraging FDI to kickstart exploration activities in Pakistan’s underexplored offshore basins.
Subject to regulatory approvals, the operatorship of the Block is to be transferred to TPOC who carry a wealth of experience in offshore exploration and field development. Following completion of the transaction and receipt of all required approvals, the participating interests are expected to be: TPOC 25% (Operator), PPL 35%, Mari Energies 20%, and OGDCL 20%.
This transaction marks Mari Energies’ entry into Pakistan’s offshore basins. Building on its proven track record in onshore exploration and development, the company is positioning itself for an accelerated exploration program in the country’s offshore basins. The collaboration with TPOC, PPL, and OGDCL represents a significant step toward unlocking Pakistan’s offshore hydrocarbon potential and establishes a foundation for long-term strategic cooperation in the energy sector between Pakistan and Türkiye.
