OGDC plans partnerships in Libya, Vietnam
The international firm’s experts, together with the OGDCL team, will assess surface, subsurface, and well data for the fields to identify focus areas and estimate their geothermal potential using regional models and well productivity calculations. Photo: REUTERS
Oil and Gas Development Company (OGDC) is looking to explore hydrocarbon reserves overseas in association with Russian and Turkish energy companies.
In this regard, OGDC – Pakistan's largest oil and gas explorer – intends to forge joint ventures with Russian energy giant Gazprom and Turkish Petroleum in Libya and Vietnam in onshore and offshore exploration zones, said sources while talking to The Express Tribune.
The company's objective is to boost energy supplies from different countries to help reduce Pakistan's energy import bill.
Indian oil and gas explorers too are working as joint-venture partners with different companies in overseas markets, including the United States, to secure energy supplies.
According to the sources, Pakistan is at an advanced stage of talks with Turkish and Russian firms to form partnerships in Libya and Vietnam. Already, OGDC, along with other Pakistani firms, is searching for oil and gas deposits in an offshore block in the United Arab Emirates (UAE).
In Pakistan, the Turkish firm has entered into a joint venture with local companies in an offshore field. The Economic Coordination Committee (ECC) has allowed Turkish Petroleum Overseas Company to acquire shareholding in the Eastern Offshore Indus Block-C.
Earlier, Pakistan Petroleum Limited (PPL) was the operator of the field but now the Turkish firm has become the operator. Under the new arrangement, the participating interests will be held by Turkish Petroleum with 25% shareholding, PPL with a 35% stake, Mari Energies with 20% and OGDC with 20%.
This is going to bring international offshore operating experience to Pakistan's exploration landscape and is expected to enhance technical capabilities, operational efficiency and overall project delivery. The block has drill-ready prospects, which will be pursued by the consortium.
The exploration well is likely to attract substantial foreign investment to Pakistan's offshore sector, reinforcing the government's commitment to deepening reliance on indigenous energy resources. In the event of success in drilling, additional opportunities in the area will be prioritised, ultimately contributing to Pakistan's resource base and long-term energy security.
This development aligns with the government's recent award of 23 offshore blocks to various exploration and production companies, including the members of the consortium.
"OGDC will follow the same model of joint venture for onshore and offshore exploration with the Turkish firm in foreign countries," an official said.
Like the Turkish venture, Gazprom too is interested in forming partnerships in Pakistan. OGDC has won bids for local offshore blocks, where it is likely to offer shares to the Russian firm.
OGDC's new management has laid out a rigorous plan to optimise energy supply from the existing fields by utilising modern technology.
The government of Pakistan has also been engaged with friendly countries such as China, Azerbaijan and Turkey to encourage their companies to participate in oil and gas sector activities.
Pursuant to the prime minister's visit to Turkey in May 2023, a high-level delegation of Turkish Petroleum, along with a company having expertise in offshore drilling, visited Pakistan. During the trip, Turkish experts reviewed the offshore geological and geophysical data. After a series of meetings, Turkish Petroleum and Mari Energies showed interest in participating, along with PPL, in the Eastern Offshore Block-C.