surge in oil prices $73 per barrel

KARACHI: Pakistan Petroleum Limited (PPL) on behalf of the consortium comprising of Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), and Government Holding Private Limited (GHPL) has denied and clarified the news item published in an online news channel namely “News today” and “Mettis Global” about the award of a concession in Abu Dhabi.

PPL statement issued at the Pakistan Stock Exchange (PSX) said that the news is incorrect and misleading item circulated on online news channels. It said the consortium has participated in the Abu Dhabi Bid Round 2019, but there has been no award in respect of the block applied for as yet.

The circulated unconfirmed news quoting sources published on May 20 said Pakistan’s leading Exploration & Production (E&P) companies succeeded in winning an offshore block for the drilling of oil in Abu Dhabi.

According to sources, United Arab States (UAE) has unofficially confirmed that a consortium of PPL, MPCL, OGDCL, and GHPL had been successful in the bidding process for winning this offshore drilling block.


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