📈 OGDC: BUY Signal (7/10) – Acquisition of 20% Working Interest in Eastern Offshore Indus-C Block and Strategic Partnership with Turkish Petroleum Overseas Company (TPOC)

📌 Key Takeaways

• 🤝 OGDCL acquires 20% working interest in Eastern Offshore Indus-C Block.
• 🇹🇷 Strategic partnership formed with Turkish Petroleum Overseas Company (TPOC).
• 🏢 TPOC will become the operator of the block, subject to regulatory approvals.
• 🤝 Farm-out agreement with Pakistan Petroleum Limited (PPL).
• 🌍 Aims to encourage foreign direct investment in Pakistan’s energy sector.
• 🌊 Focus on exploring underexplored offshore basins in Pakistan.
• 🤝 Collaboration with TPOC, PPL, and MariEnergies.
• 🔑 Aims to unlock Pakistan’s offshore hydrocarbon potential.
• 🇵🇰🇹🇷 Strengthens long-term strategic energy cooperation between Pakistan and Türkiye.
• 🏢 Participating interests expected to be: TPOC 25% (Operator), PPL 35%, OGDCL 20%, and MariEnergies 20%.
• Expertise: OGDCL leveraging strong exploration expertise and seismic capabilities.
• Commitment: Underscores OGDCL’s commitment to advancing offshore exploration in Pakistan.

🎯 Investment Thesis

BUY. OGDCL’s acquisition of a 20% working interest in the Eastern Offshore Indus-C Block, combined with a strategic partnership with TPOC, is a positive development. This move enhances OGDCL’s exposure to potential offshore hydrocarbon discoveries and aligns with the company’s strategic objective of expanding exploration activities. Price Target: PKR 150, Time Horizon: 24 months. The price target is based on the potential for successful exploration and development of the block, as well as continued growth in OGDCL’s overall production and profitability.