KARACHI: Pakistan Petroleum Limited (PPL) has formalised a major step in strengthening Pakistan-Türkiye energy cooperation with the signing of an Assignment Agreement for the Eastern Offshore Indus Block C, paving the way for enhanced foreign investment and renewed momentum in offshore exploration.
The agreement was signed in Islamabad in a ceremony witnessed by Prime Minister Shehbaz Sharif, Türkiye’s Minister for Energy and Natural Resources Alparslan Bayraktar, Pakistan’s Federal Minister for Petroleum Ali Pervaiz Malik, senior government officials, and company representatives.
PPL’s Managing Director and CEO Sikandar Memon signed the agreement on behalf of the company.
Under the arrangement, PPL has transferred 25 percent Participating Interest (PI) along with operatorship to Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortakligi (TPAO), the Turkish national oil company.
In addition, 20 percent PI each has been assigned to Oil and Gas Development Company Limited and Mari Energies, while PPL retains the remaining 35 percent PI and continues to play a central role in the block’s development.
The partnership stems from sustained high-level engagement between the governments of Pakistan and Türkiye aimed at expanding bilateral collaboration in the energy sector and attracting foreign direct investment to Pakistan’s offshore exploration activities.
Industry officials say the signing of the farm out agreement represents a significant milestone in unlocking Pakistan’s offshore hydrocarbon potential and reinforces the long-term strategic energy partnership between the two countries.
Copyright Business Recorder, 2025
