PPL forges energy partnership with Turkish Petroleum Overseas Company

Core Insights - Pakistan Petroleum Limited (PPL) has entered a strategic partnership with Turkish Petroleum Overseas Company (TPOC) to advance the farm-out process for Eastern Offshore Indus Block-C, driven by intergovernmental discussions to enhance energy sector collaboration and attract foreign direct investment into Pakistan's offshore exploration industry [1][2] Group 1: Partnership Details - The collaboration involves PPL transferring the operatorship of the block to TPOC, pending regulatory approval [1] - PPL has also engaged Oil & Gas Development Company Limited (OGDCL) and Mari Energies in the farm-out process, leading to a comprehensive due diligence and the execution of a farm-out agreement among PPL, TPOC, OGDCL, and MariEnergies [2] Group 2: Financial and Operational Structure - Under the farm-out agreement, PPL will retain a 35% participating interest (PI), while TPOC will receive a 25% PI, and both OGDCL and MariEnergies will each obtain a 20% PI [3] - This partnership is seen as a crucial step towards unlocking Pakistan's offshore hydrocarbon resources and establishing long-term strategic energy relations between Türkiye and Pakistan [3] Group 3: Broader Context - In April 2025, TPAO collaborated with three Pakistani national energy companies to engage in Pakistan's offshore oil and gas exploration tender, formalized during a visit by Türkiye's Energy Minister [4] - Türkiye has also secured exclusive rights to explore and produce hydrocarbons in three blocks in Somalia, covering an area of 5,000 km² [4]