South Asia: UEP
United Energy Pakistan (collectively “UEP” including United Energy Pakistan Limited, UEP Alpha Limited and UEP Beta GmbH) is a subsidiary of the United Energy Group (UEG). UEP owns and operates state-of-the-art facilities to produce and process oil and gas and has been contributing significantly to reducing Pakistan’s dependency on energy imports through indigenous hydrocarbon production.
Since acquiring BP Pakistan’s upstream assets in 2011, UEG has further increased its footprint in Pakistan by acquiring the upstream assets of Asia Resources Oil Limited (AROL) and Austrian oil and gas company OMV in Pakistan and a farm-in to the Kotri North concession block. As a result, UEP has emerged as the largest foreign investor in Pakistan’s exploration and production sector. Today, UEP’s onshore concessions span over 18,000 square kilometres and are spread across 19 districts in Sindh and Balochistan provinces.
Distribution of UEG oil concessions in Pakistan (by the end of 2022)
As of December 31st 2022, the Group holds interests in 5 areas, comprising of 16 development concessions for oil and gas production in Pakistan.
In 2022, the Pakistan assets achieved an average daily working interest production of approximately 47,029 barrels of oil equivalent per day, a decrease of 2.6% compared to the previous year. The Pakistan assets have an oil and liquids ratio of about 18%, 3 percentage points higher than last year. Accumulated gross and working interest production for the full year were approximately 25.3 mmboe and 17.2 mmboe, respectively.
UEP’s remarkable growth story has been achieved as a result of the consistent investment by UEG, the technical expertise and dedication of the teams in China and Pakistan and the ability to access the low-cost and efficient Chinese supply chain. Moreover, alongside the exponential increase in activity, UEP has remained committed to its core values. The company invests in sustainable social investment projects in the areas where it works. UEP’s CSR interventions have brought about a positive impact on the lives of local communities.
