Pakistan Petroleum Limited (PPL) has announced that its subsidiary, PPL Asia E&P B.V. (PPL Asia), has received a payment of $6 million from Iraq’s state-owned Midland [Middle] Oil Company (MdOC), in relation to the conclusion of its Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in in the Diyala and Wasit governorates.
The settlement agreement was officially signed on 6th October 2024 by Mr. Imran Abbasy (pictured), Managing Director of PPL Asia, and Mr. Muhammad Yaseen Hassan, Director General of MdOC.
According to a statement issued through the Pakistan Stock Exchange, the payment was received on 3rd January.
The contract was originally awarded in Iraq’s fourth licensing round in 2012, at a remuneration of $5.38 per barrel of oil.
In September 2024, the Iraqi cabinet approved an agreement under which PPL would terminate its contract at Block 8.
(Source: Pakistan Stock Exchange)
