The Competition Commission of Pakistan (CCP) has approved the acquisition of shares in Jura Energy Corporation by IDL Investments Limited from Phoenix Exploration Limited after conducting a review under the Competition Act, 2010.
According to a statement issued Monday, the transaction involves IDL Investments purchasing common shares of Jura Energy under a Share Purchase Agreement signed on 5 March 2025.
Jura Energy, a publicly listed company incorporated in Alberta, Canada, operates in oil and gas exploration and development. In Pakistan, the company runs operations through its wholly owned subsidiaries, Spud Energy Pty Limited and Frontier Holdings Limited, which maintain working interests in several exploration licences and leases.
IDL Investments Limited, incorporated in the British Virgin Islands, functions as an investment holding firm with a diversified portfolio. Prior to the deal, IDL already owned shares in Jura Energy, and the latest acquisition increases its overall stake in the company.
The seller, Phoenix Exploration Limited, is an investment holding company based in Mauritius, with investments across energy-related sectors in multiple jurisdictions, including oil and gas exploration projects.
The CCP carried out a Phase-I competition review to assess the potential effect of the transaction on market competition in Pakistan. The relevant market was identified as the upstream oil and gas exploration and production sector in the country.
The commission observed that the acquiring company has no independent operational activities in Pakistan apart from its existing shareholding in Jura Energy. As a result, the deal mainly represents a shift in shareholding at the parent-company level and does not alter the operational framework of Jura’s subsidiaries operating in Pakistan.
After evaluating the available data and market conditions, the CCP determined that the transaction does not involve horizontal or vertical integration between the parties and is unlikely to create or strengthen a dominant market position or significantly reduce competition in the relevant sector.
The Commission therefore authorised the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.
During the review process, the CCP also pointed out that the transaction had been completed before securing the required approval under the merger control framework. The parties were instructed to ensure full compliance with the pre-merger approval provisions outlined in the Competition Act and the Competition (Merger Control) Regulations, 2016 for future deals.
“This merger reflects the importance of investment in Pakistan’s upstream oil and gas sector, which is critical for strengthening the country’s energy security and economic growth,” the CCP said.
