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Categories: BusinessNewsPakistan

PPL ASIA and Midland Oil Company (MdOC) reach amicable settlement on Block-8 in Baghdad, Iraq

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The settlement between Pakistan Petroleum Limited (PPL) Asia E&P B.V., a subsidiary of PPL, and Midland Oil Company (MdOC) marks the conclusion of their Exploration, Development and Production Service Contract (EDPSC) for Block-8, Iraq, which expired in May 2022.

Efforts to resolve the lingering settlement from 2022 involved addressing longstanding disputes and claims between the parties.

PPL Asia’s commitment to finding a resolution demonstrates sustained negotiations and legal efforts, culminating in an agreement signed on October 6, 2024, by PPL’s MD/CEO Mr. Imran Abbasy and MdOC’s DG Mr. Muhammad Yaseen Hassan.

A significant milestone in these efforts was the net settlement of USD 6 million, with MdOC paying through a third party. This final resolution closed all matters related to the contract without either side admitting fault or liability, reflecting the persistent and strategic endeavors to achieve a mutually favorable outcome after over two years of engagement. This not only brings closure to PPL’s operations in Block-8 but also delivers a valuable foreign exchange recovery for the company and Pakistan.

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Zubair Yaqoob

Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories. Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting. Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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