KARACHI: The Hub Power Company Limited (HUBCO) on Friday announced that its associated corporate entities have secured a provisional award of exploration rights for four onshore blocks, marking a significant expansion of its footprint in the upstream energy sector. The disclosure was made as part of the company’s obligations under the Securities Act, 2015.
According to the announcement, the development centres on Prime International Oil and Gas Company Limited (Prime), a strategic joint venture in which Hub Power Holdings Limited — a wholly owned subsidiary of HUBCO — holds an equity stake. Prime’s wholly owned subsidiary, Prime Global Energies Limited, has received provisional exploration rights for four key blocks, subject to regulatory clearance and the completion of all legal and procedural requirements.
Prime Global Energies will pursue these exploration opportunities in partnership with Pakistan Petroleum Limited (PPL), Mari Energies Limited and Oil and Gas Development Company Limited (OGDCL), all of which are among the country’s leading upstream operators.
Under the provisional allocation, Prime Global Energies has secured a 31 percent working interest in Block 2465-5 (Sapat Bandar) and has been designated the operator for the block. The company has also been granted a 20 percent share in each of the remaining three blocks: Block 2267-3 (Zarrar), Block 2367-6 (Keti Bandar) and Block 2466-10 (Bin Qasim South).
HUBCO stated that the award represents an important milestone for its upstream portfolio, although it emphasized that the finalisation of these rights hinges on regulatory approvals and other mandatory formalities.
Copyright media, 2025
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