A subsidiary of Pakistan Petroleum Limited (PPL), PPL Asia E&P B.V. (PPLA), has received $6 million from Iraq’s Midland Oil Company (MdOC) in connection with an exploratory well in Iraq. The payment was made on January 3, 2025, following the successful settlement of the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.

In a filing to the Pakistan Stock Exchange (PSX), PPL stated, “We are now pleased to notify that PPL Asia E&P B.V. (PPLA), a wholly-owned subsidiary of the Company, has received the amount of USD 6.0 million on 3rd January 2025 in relation with the closeout of the above referred EDPSC. This receipt marks the successful conclusion of the closeout and settlement.”

The settlement and payment signify the conclusion of the EDPSC closeout process, marking a key milestone for PPL’s operations in Iraq.