KARACHI: The Hub Power Company Limited (HUBCO) has announced that its associated entities have secured a provisional award of exploration rights for four onshore blocks, marking a major step in the company’s upstream energy expansion. The disclosure was made in compliance with the Securities Act, 2015.
The development centres on *Prime International Oil and Gas Company Limited (Prime), a strategic joint venture in which Hub Power Holdings Limited — HUBCO’s wholly owned subsidiary — holds an equity stake. Prime’s fully owned arm, *Prime Global Energies Limited, has received provisional exploration rights for the four blocks, subject to regulatory approvals and completion of legal and procedural formalities.
Prime Global Energies will pursue exploration activities in collaboration with leading upstream players, including *Pakistan Petroleum Limited (PPL), **Mari Energies Limited, and *Oil and Gas Development Company Limited (OGDCL).
Under the provisional allocation:
- Prime Global Energies holds a 31% working interest and has been named operator for Block 2465-5 (Sapat Bandar).
- It has also secured a 20% working interest in each of the following blocks: *Block 2267-3 (Zarrar), **Block 2367-6 (Keti Bandar), and *Block 2466-10 (Bin Qasim South).
HUBCO described the award as a significant milestone in the strengthening of its upstream portfolio but noted that the finalisation of rights remains contingent on necessary regulatory clearances and procedural compliance.
