{"id":12849,"date":"2025-01-08T05:57:18","date_gmt":"2025-01-08T05:57:18","guid":{"rendered":"https:\/\/gsrra.com\/?p=12849"},"modified":"2025-01-08T05:57:20","modified_gmt":"2025-01-08T05:57:20","slug":"ppls-subsidiary-receives-6mn-settlement-from-iraqs-midland-oil-company","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=12849","title":{"rendered":"PPL\u2019s subsidiary receives $6mn settlement from Iraq\u2019s Midland Oil Company"},"content":{"rendered":"\n

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<\/a><\/a><\/a><\/a><\/a>PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Limited (PPL), has received a settlement amount of $6 million from Midland Oil Company (MdOC), a state-owned Iraqi oil entity.<\/strong><\/p>\n\n\n\n

PPL, one of Pakistan\u2019s largest exploration and production (E&P) companies, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.<\/p>\n\n\n\n

\u201cThis is further to our letter regarding the successful settlement with Midland Oil Company (MdOC) in respect of the Exploration, Development, and Production Service Contract (EDPSC) for Block-8, Iraq.<\/p>\n\n\n\n

\u201cWe 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 $6 million on 3rd January 2025 in relation with the closeout of the above referred EDPSC,\u201d stated the notice.<\/p>\n\n\n\n

PPL highlighted that the payment marks the successful conclusion of the closeout and settlement.<\/p>\n\n\n\n

In October 2024, PPL Asia finalised a settlement<\/a> with Midland Oil Company for Block-8 in Iraq.<\/p>\n\n\n\n

The settlement agreement was officially signed on October 6, 2024, in Baghdad, Iraq, by Imran Abbasy, Managing Director-A of PPL Asia, and Muhammad Yaseen Hassan, Director General of MdOC.<\/p>\n\n\n\n

\u201cUnder the terms of the settlement agreement, MdOC, through a third party, will make a net payment of $6 million to PPL Asia,\u201d PPL informed back then.<\/p>\n\n\n\n

The company added that the settlement was a result \u201cof sustained negotiations with Iraqi authorities, marks a significant milestone for PPL Asia and the company, in successfully concluding their contract in Block-8 while securing and safeguarding their financial interests\u201d.<\/p>\n\n\n\n

PPL Asia had been awarded the licence for the EDPSC for Block-8 in Iraq back in 2012 and drilling was initiated in April 2019 at Block-8\u2019s Madain-1 well, which led to the discovery of a sub-commercial volume of oil in FY20. Consequently, the well was plugged and abandoned.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.brecorder.com\/news\/40341300<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Limited (PPL), has received a settlement amount of $6 million from Midland Oil Company (MdOC), a state-owned Iraqi oil entity. PPL, one of Pakistan\u2019s largest exploration and production (E&P) companies, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. […]<\/p>\n","protected":false},"author":1,"featured_media":12850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[9771,132,62,105,1646,9770,36,9768,9772,6760],"class_list":["post-12849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-6-million","tag-economy","tag-energy","tag-geopolitics-2","tag-iraq","tag-midland-oil-company","tag-pakistan","tag-ppls-subsidiary-receives-6mn-settlement-from-iraqs-midland-oil-company","tag-ppla","tag-psx"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/12849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12849"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/12849\/revisions"}],"predecessor-version":[{"id":12851,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/12849\/revisions\/12851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/12850"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}