Lahore : Fatima Petroleum Company Limited (FPCL), a subsidiary of Fatima Fertilizer Company Limited (PSX: FATIMA), has been provisionally awarded participation interests in two offshore exploration blocks in the Indus Offshore Basin, the company disclosed to the Pakistan Stock Exchange (PSX) on Thursday.
In its material information notice, Fatima Fertilizer said its wholly owned subsidiary has received 15 percent participation interest each in Offshore Deep C (2366-10) and Offshore Deep F (2366-12). Both blocks are operated by Mari Energies Limited, which holds a 70 percent stake, while Turkish Petroleum Overseas Company (TPOC) has 15 percent.
“We are pleased to inform that the wholly owned subsidiary company namely Fatima Petroleum Company Limited (FPCL), has been provisionally awarded participation interests in two offshore exploration blocks by the Directorate General of Petroleum Concessions (DGPC),” the company stated.
According to the disclosure, both awards fall under the competitive offshore bidding round conducted earlier this year. The company added that the next phase will involve fulfilling all required legal and regulatory steps.
“Further steps, including execution of requisite agreements and regulatory formalities, will be undertaken in due course,” FPCL said.
