Karachi January 7 2025: PPL Asia E&P B.V. (PPLA), a wholly-owned subsidiary of the Pakistan Petroleum Limited, has received the amount of USD 6.0 million on 3rd January 2025.
This receipt marks the successful conclusion of the closeout and settlement with Midland Oil Company.
On 7th October 2024 company achieved successful settlement with Midland Oil Company (MdOC) in respect of the Exploration, Development, and Production Service Contract (EDPSC) for Block-8, Iraq.
PPLA’s main objective is exploration and production of oil and natural gas resources, and it owned 100% interest in Block 8, Iraq, under the Exploration, Development and Production Service Contract (EDPSC) with the Midland Oil Company, Iraq (MdOC). On 2nd August 2022, MdOC intimated termination / expiry of the EDPSC and advised to settle all the outstanding liabilities and receivables and commence close-out proceedings.
