PPL receives $6m in Iraqi block settlement
PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Ltd (PPL), has reached an amicable $6 million settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil entity, for Block-8 in Baghdad. This settlement marks the conclusion of their Exploration, Development and Production Service Contract (EDPSC) for Block-8 in Iraq, which expired in May 2022. PPL, in a stock filing on Monday, said that a significant milestone in these efforts was the net settlement of $6m, 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 endeavours to achieve a mutually favourable outcome after over two years of engagement. PPL added that this brings closure to the company’s operations in Block-8 and delivers a valuable foreign exchange recovery for the company and Pakistan.