ISLAMABAD: The Directorate General of Petroleum Concessions (DGPC) under the Ministry of Energy (Petroleum Division) has issued show-cause notices to two petroleum companies, Spud Energy Pty Ltd (SEPL) and Frontier Holdings Ltd (FHL), for failing to disclose recent changes in their ownership structures.
The Petroleum Division emphasised that any change in a company’s ownership or board must receive prior approval from the division, as well as from relevant regulatory authorities. The companies were warned that their operational licences could be revoked if they did not respond to the notices by Aug 18.
According to the notice, both SEPL and FHL are subsidiaries of Jura Energy Corporation (JEC). It was reported that 73.3 per cent of JEC’s controlling shares were transferred from Phoenix Exploration to IDL Investments Ltd, a company registered in the British Virgin Islands. This transaction took place on March 6, but was not disclosed to the DGPC before or after its execution, in violation of the Pakistan Petroleum (Exploration and Production) Rules 1986.
The DGPC reminded the companies of their legal obligations under the Petroleum Rules, which require them to report changes in ownership, capital structure, and board appointments. The notice highlighted that these requirements were not met in this instance.
As a result, the DGPC has demanded a full disclosure of the shareholding structure of the entities involved — IDL, Phoenix, JEC, PetExPro, FHL, and SEPL — both before and after the transaction.
In a statement, a senior official from the Petroleum Division clarified that these stringent regulations are designed to ensure that companies operating in sensitive sectors do not have owners or board members from hostile countries such as India or Israel. The official also noted that individuals with serious criminal backgrounds, who could pose a security risk, would be closely scrutinised.
Published in Dawn, July 27th, 2025
