Karachi: PPL Asia EandP B.V., a subsidiary of Pakistan Petroleum Limited (PPL), has successfully settled its disputes with Midland Oil Company (MdOC) regarding Block-8 in Iraq, as announced on October 7, 2024. According to information available from the Pakistan Stock Exchange (PSX), the settlement resolves all issues related to the Exploration, Development, and Production Service Contract (EDPSC) for the said block, concluding negotiations that have been ongoing with the Iraqi state-owned entity.

The agreement, which was officially signed on October 6, 2024, in Baghdad, Iraq, involves a net payment of USD 6.00 million to PPL Asia from MdOC, executed through a third party. This development marks a crucial resolution for PPL Asia, enabling the company to secure its financial interests while successfully closing out the contract associated with Block-8.

This settlement is reported in compliance with the Securities Act of 2015 and the PSX Regulations, underscoring its significance in the company's operational and strategic roadmap. The detailed resolution of these negotiations not only stabilizes PPL Asia’s involvement in the region but also potentially sets a precedent for how contract disputes can be amicably resolved in international oil and gas operations.