DWF advises Pakistan International Oil Limited
DWF has advised Pakistan International Oil Limited, a consortium of Oil & Gas Companies in Pakistan, in successfully winning the bid to explore petroleum and natural gas in Abu Dhabi.
Abu Dhabi National Oil Company (ADNOC) have, on behalf of, The Supreme Council for Financial and Economic Affairs (Government of Abu Dhabi), granted a concession to Pakistan International Oil Limited for the exploration of petroleum and natural gas in Offshore Block 5. This is the Emirate’s second competitive bidding round organised by ADNOC for the exploration, development and production of oil and gas. The historic agreement builds on the deep-rooted bilateral relationship between the UAE and the Islamic Republic of Pakistan.
DWF assisted the client in reviewing and advising on all concession agreements and documents provided by ADNOC in the bidding round, along with assisting the consortium partners to negotiate and agree the shareholders agreement and setting up of the entity in the ADGM, Pakistan International Oil Limited in Abu Dhabi, a company that is fully owned by the Pakistani consortium members: Pakistan Petroleum Limited; Oil and Gas Development Company Limited; Mari Petroleum Limited; and Government Holdings (Private) Limited. This is the first time that a foreign fully owned subsidiary has been licensed by the ADGM to conduct oil and gas activities in the UAE.
DWF was also involved in highlighting the key legal and commercial issues arising out of such transaction along with assisting with all closing steps to achieve execution of the concession documents, including the rendering of legal opinions and liaising with local counsel.
The DWF team was led by Umera Ali (partner) and Slava Kiryushin (partner) and supported by Aisha Gondal (director), Aurangzeb Maqsood (Senior Associate), Zainab Muhammad (senior associate), Elena Mytnik-Gonta (senior associate), Alina Akhmetova (associate) and Jawad Elazar (paralegal).