ISLAMABAD, October 29: The Competition Commission of Pakistan (CCP) has approved three separate merger applications submitted by Petroleum Exploration (Private) Limited (PEL) for the acquisition of certain shareholdings in PKP Kirthar B.V., PKP Exploration II Limited, and PKP Kadanwari Limited from KUFPEC Pakistan Holdings B.V.
The approvals were granted after a comprehensive Phase-I review under Section 11 of the Competition Act, 2010, read with the Competition (Merger Control) Regulations, 2016. The CCP determined that the proposed transactions are not likely to result in the creation or strengthening of a dominant position in the upstream oil and gas exploration and production market of Pakistan.
The CCP’s assessment found that the combined market share of PEL and the acquired entities remains minimal in oil and condensate production. The transactions primarily constitute a change in shareholding structure rather than any substantive alteration in market structure or competitive dynamics.
The acquisition is expected to enhance operational efficiency, support resource development, and contribute to sustained domestic energy production without adversely affecting market competition.
Accordingly, the CCP has authorized each transaction under Section 31(1)(d)(i) of the Competition Act, 2010.
