PPL Partners with Turkish Petroleum in Offshore Exploration

KARACHI: Pakistan Petroleum Limited (PPL) has announced a strategic partnership with Turkish Petroleum Overseas Company (TPOC) to advance offshore exploration in the Eastern Offshore Indus Block-C. This collaboration highlights a significant development in the farm-out process and aims to enhance bilateral cooperation in energy between Pakistan and Turkiye.

The partnership, facilitated through high-level government engagements, seeks to boost Foreign Direct Investment in Pakistan’s energy sector. As part of the agreement, PPL will transfer the operatorship of the block to TPOC, contingent upon regulatory approvals, to integrate international practices into Pakistan’s offshore operations.

Additionally, PPL has involved Oil and Gas Development Company Limited (OGDCL) and Mari Energies Limited (MariEnergies) in the farm-out process. Following comprehensive due diligence, a farm-out agreement was executed among PPL, TPOC, OGDCL, and MariEnergies.

According to the agreement, PPL will assign 25 percent Participating Interest (PI) and operatorship to TPOC, while OGDCL and MariEnergies will each receive a 20 percent PI. PPL will maintain a 35 percent PI, ensuring its continued involvement in the block’s development.

This initiative is seen as a pivotal move toward realizing Pakistan’s offshore hydrocarbon potential and fostering long-term energy cooperation between Pakistan and Turkiye.