Pakistan Petroleum Limited has received regulatory approval for a 12-year Development and Production Lease over the Adhi oil and gas field, allowing continued production and future development at one of the country’s key hydrocarbon assets.

In a notice submitted to the Pakistan Stock Exchange, the company said the lease covers an area of 212.86 square kilometres spanning the districts of Rawalpindi and Chakwal in Punjab.

According to the disclosure, the lease has been granted for a period of 12 years with effect from November 13, 2024, under Rule 30A of the Pakistan Onshore Petroleum (Exploration and Production) Rules, 2013.

The Adhi Joint Venture is operated by PPL, which holds a 39 percent working interest in the field. Oil and Gas Development Company Limited holds a 50 percent working interest, while Pakistan Oilfields Limited owns the remaining 11 percent.

The Adhi field is one of Pakistan’s largest and oldest producing oil and gas fields, supplying crude oil, natural gas and liquefied petroleum gas. The lease approval allows the joint venture partners to continue production operations and pursue further development aimed at maximizing hydrocarbon recovery.

PPL said the disclosure was made in accordance with the Securities Act, 2015, and relevant Pakistan Stock Exchange regulations.