Eastern Offshore Indus C Block: PPL forms strategic partnership with TPOC

KARACHI: Pakistan Petroleum Limited (PPL) has announced a major milestone in the farm-out process of the Eastern Offshore Indus C Block through a strategic collaboration with Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortaklığı (TPAO), the national oil company of Turkiye.

According to the company’s notice to the Pakistan Stock Exchange, the partnership is part of ongoing high-level engagements between the Governments of Pakistan and Turkiye aimed at enhancing bilateral cooperation in the energy sector and promoting foreign direct investment in Pakistan’s offshore exploration activities.

Under this strategic initiative, PPL has transferred the operatorship of the Indus C Block to TPOC, subject to regulatory approvals. The company said the move reflects a government-level understanding to adopt international best practices in Pakistan’s offshore exploration operations.

PPL also engaged Oil & Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (Mari Energies) in the farm-out process. Both companies conducted due diligence, leading to the execution of a farm-out agreement among PPL, TPOC, OGDCL, and Mari Energies.

As per the agreement, PPL will assign a 25 percent participating interest (PI) and operatorship to TPOC, and 20 percent PI each to OGDCL and Mari Energies, while retaining the remaining 35 percent PI in the block. PPL stated that the collaboration represents a significant step toward unlocking Pakistan’s offshore hydrocarbon potential and lays the foundation for long-term strategic energy cooperation between Pakistan and Turkiye.

The announcement was made in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations.

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