Pakistan’s PPL enters into strategic partnership with Turkish Petroleum Overseas Company

Pakistan Petroleum Limited (PPL), a major energy company in the country, has announced a strategic partnership with Turkish Petroleum Overseas Company (TPOC), a subsidiary of Turkiye’s national oil company TPAO, under the farm-out process of the Eastern Offshore Indus C Block.

The partnership is aimed at boosting offshore exploration and strengthening Pakistan-Turkiye energy cooperation, PPL said in its filing to the Pakistan Stock Exchange (PSX) on Tuesday.

“PPL is pleased to announce a major milestone in the farm-out process of the Eastern Offshore Indus C Block, marking the beginning of a strategic collaboration with TPOC, a wholly owned subsidiary of TPAO, the national oil company of Turkiye.

“This partnership is the result of high-level engagements between the governments of Pakistan and Turkiye, aimed at deepening bilateral cooperation in the energy sector and promoting Foreign Direct Investment (FDI) in Pakistan’s offshore exploration activities,” read the notice.

As part of this initiative, PPL has transferred the operatorship of the Block to TPOC, which is subject to regulatory approvals.

“This step reflects a broader government-level understanding and aims to incorporate international best practices into Pakistan’s offshore exploration operations.”

In parallel, PPL engaged Oil & Gas Development Company Limited (OGDCL) and Mari Energies Limited (MariEnergies) in the farm-out process.

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“Both companies conducted thorough due diligence, leading to the successful execution of a farm-out agreement among PPL, TPOC, OGDCL, and MARI.

“Under the farm-out agreement, PPL will assign 25% Participating Interest (PI) and operatorship to TPOC, and 20% PI each to OGDCL and MariEnergies.

“PPL will retain the remaining 35% PI and will continue to play a key role in the Block’s development,” read the notice.

PPL said the collaboration marks a significant step toward unlocking Pakistan’s offshore hydrocarbon potential and sets the foundation for long-term strategic energy cooperation between Pakistan and Turkiye.