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.
This post was last modified on October 7, 2024 8:47 pm
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