ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has successfully increased its working interest in the Qadirpur Development and Production Lease (D&PL) from 75% to 82.99% following the completion of an acquisition agreement with KUFPEC Pakistan B.V. (KPBV).
The development was disclosed in a notice submitted to the Pakistan Stock Exchange (PSX) on Friday. According to the company, the acquisition of an additional 7.99% working interest has been finalized after receiving the necessary approval from the Government of Pakistan and executing the Deed of Assignment (DOA).
“Regarding OGDCL’s acquisition of an additional 7.99% working interest in Qadirpur Development & Production Lease (D&PL) through a farm-in agreement with KUFPEC Pakistan B.V. (KPBV), we are pleased to inform that the acquisition process has been completed,” the company stated.
With the transfer now effective, OGDCL’s stake in one of Pakistan’s key gas-producing assets has risen to 82.99%, further strengthening its position in the country’s upstream energy sector.
OGDCL remains the largest E&P company in Pakistan, with operations spanning exploration, drilling, production, reservoir management, and engineering support services. The company holds the country’s most extensive exploration portfolio, covering more than 40% of Pakistan’s awarded exploration acreage.
The increase in ownership of the Qadirpur gas field aligns with OGDCL’s broader strategy to enhance domestic hydrocarbon production, expand its reserves base, and support Pakistan’s energy security objectives.
In recent years, OGDCL has intensified its focus on gas exploration and production while also diversifying its investment portfolio. The company has committed funding to the Reko Diq copper-gold mining project and continues to advance exploration activities, including developments in Abu Dhabi Offshore Block-5.
The acquisition is expected to further enhance OGDCL’s production capacity and reinforce its leading role in meeting Pakistan’s growing energy demand.
