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Islamabad, Jan 6: A subsidiary of Pakistan Petroleum Limited (PSX: PPL), PPL Asia E&P B.V. (PPLA), has received $6 million from Iraq’s Midland Oil Company (MdOC) related to an exploratory well in Iraq. This payment follows a successful settlement between the two parties concerning the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.
The $6 million was received on January 3, 2025, marking the successful conclusion of the closeout and settlement of the EDPSC. This marks a positive development for PPL as it finalizes its operations related to the contract.
