Karachi: Pakistan Petroleum Limited (PPL) has announced a significant milestone in its efforts to enhance offshore exploration, establishing a strategic partnership with Turkish Petroleum Overseas Company (TPOC), a subsidiary of Türkiye Petrolleri Anonim Ortakl???. This collaboration marks a pivotal development in the farm-out process of the Eastern Offshore Indus C Block, furthering bilateral cooperation between Pakistan and Turkiye in the energy sector.

The announcement, made on October 14, 2025, underscores the commitment of both nations to deepen their ties through Foreign Direct Investment (FDI) and incorporate international best practices into Pakistan's offshore exploration activities. According to information available from the Pakistan Stock Exchange (PSX), this partnership entails the transfer of operatorship of the Block to TPOC, contingent upon regulatory approvals. This move is part of a broader understanding at the governmental level, reflecting the brotherly spirit between the two countries.

In the farm-out process, PPL engaged with Oil & Gas Development Company Limited (OGDCL) and Mari Energies Limited (MariEnergies), both of which conducted extensive due diligence. This led to the successful execution of a farm-out agreement involving PPL, TPOC, OGDCL, and MariEnergies. Under the agreement, PPL will assign 25% Participating Interest (PI) and operatorship to TPOC, with OGDCL and MariEnergies each receiving a 20% PI. PPL will retain a 35% PI, maintaining a significant role in the Block's development.

This collaboration is a critical step toward unlocking Pakistan's offshore hydrocarbon potential, laying the groundwork for long-term strategic energy cooperation between Pakistan and Turkiye. The information is submitted in compliance with section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations for dissemination among PSX members.