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Joint Venture Secures Onshore Exploration Blocks, Pending Approval
HUBCO's Prime emerges successful in bidding for two onshore oil and gas blocks
Straight up, it's been announced that Prime International Oil and Gas Company Limited, a joint venture of Hub Power Holdings, has scored a successful joint bid for two onshore exploration blocks - Sukhpur-II and Naing Sharif. This juicy news was spilled by HUBCO, Pakistan's largest Independent Power Producer (IPP), in a notice to the Pakistan Stock Exchange (PSX) yesterday.
"Alright, peeps, guess what? Subject to the green light from regulatory authorities, Prime's joint bid for the onshore exploration blocks, aka Sukhpur-II and Naing Sharif, is a go," the notice read.
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Just to keep it real, Prime is a subsidiary of Hub Power Holdings, formed way back in '91 as a public limited company in Pakistan. HUBCO, for the record, deals with developing and maintaining power stations. Their hefty 1,200 MW (net) oil-fired power station is located in Balochistan, nicely named the Hub plant.
Now, hold up a sec, there appears to be a bit of confusion regarding Sukhpur-II. While Prime is said to have bid on this block, there's another report suggesting that the Oil and Gas Development Company Limited (OGDCL) holds a 30% working interest in Sukhpur-II, with Prime Global Energies Limited and Mari Energies Limited having 25% and 30%, respectively [Source: 5]. So, it's shaping up like the partnership structure for Sukhpur-II might be a little more complex than initially reported. In short, Prime's got these blocks in the bag, but the specifics for Sukhpur-II could be a whole different ball game. Just keep in mind, this deal is all pending approval from the regulatory authorities.
The joint venture between Prime International Oil and Gas Company Limited and Hub Power Holdings, upon approval from regulatory authorities, will explore the onshore blocks Sukhpur-II and Naing Sharif. Given the 30% interest in Sukhpur-II held by the Oil and Gas Development Company Limited, the partnership structure for this block may require further clarification.
As a result of this joint venture, the energy sector may see increased financial investment and potential growth in the industry, particularly in the exploration and development of Pakistan's onshore resources.
