Pakistan Petroleum and Midland Oil Company settle longstanding dispute

Pakistan Petroleum Limited (PPL) Asia E&P B.V., a subsidiary of PPL, has reached a settlement with Midland Oil Company (MdOC), concluding their Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.

A key aspect of the settlement is the net payment of $6 million by MdOC through a third party. This final agreement resolves all matters related to the contract without either party admitting fault or liability.

The contract, which expired in May 2022, had been the subject of ongoing disputes and claims.

The resolution, finalized on October 6, 2024, was signed by PPL’s Managing Director and CEO, Mr. Imran Abbasy, and MdOC’s Director General, Mr. Muhammad Yaseen Hassan.

This agreement marks the end of over two years of sustained negotiations and legal efforts by PPL Asia to address the lingering issues.

The successful conclusion of this settlement not only closes PPL’s operations in Block-8 but also secures a valuable foreign exchange recovery for both the company and Pakistan.