Pakistan, June 12 -- Pakistan's top energy firms have signed a significant Production Concession Agreement (PCA) with the Abu Dhabi National Oil Company (ADNOC) for Offshore Block 5. The agreement allows a Pakistani consortium to explore and develop oil reserves in the UAE, marking a landmark entry into offshore energy production for Pakistan.

The PCA was signed between ADNOC, the Supreme Council for Financial and Economic Affairs (SCFEA) of Abu Dhabi, and Pakistan International Oil Limited (PIOL). PIOL is a special-purpose vehicle formed by Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL), Mari Energies Limited, and Government Holdings (Private) Limited - each holding a 25% stake in PIOL.

Under the term...