PPL Asia and Midland Oil Company Reach Amicable Settlement on Block-8 in Baghdad, Iraq
Karachi, October 7, 2024: Pakistan Petroleum Limited (PPL) Asia E&P B.V., a subsidiary of PPL, has successfully concluded its Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq, which expired in May 2022. The agreement with Midland Oil Company (MdOC) was finalized on October 6, 2024, following extensive negotiations to resolve outstanding disputes and claims.
PPL Asia’s commitment to finding a resolution involved sustained negotiations and legal efforts, culminating in the agreement signed by PPL’s MD/CEO, Mr. Imran Abbasy, and MdOC’s DG, Mr. Muhammad Yaseen Hassan. A key milestone in this process was the net settlement of USD 6 million, paid by MdOC through a third party. This resolution effectively closes all matters related to the contract without either party admitting fault or liability.
This outcome not only marks the end of PPL’s operations in Block-8 but also provides a significant recovery of foreign exchange for both the company and Pakistan.
MD & CEO PPL, Mr. Imran Abbasy (left), exchanges the settlement agreement for Block-8 in Iraq with DG MdOC, Mr. Muhammad Yaseen Hassan, on October 6 in Baghdad, in the presence of officials from both companies.
