ISLAMABAD: Pakistan Petroleum Limited (PPL) has signed the Assignment Agreement for the Eastern Offshore Indus Block C, ushering in a new phase of strategic energy cooperation between Pakistan and Türkiye.
The agreement was formalized at a high-level ceremony held on December 2 in Islamabad, attended by Prime Minister Muhammad Shehbaz Sharif, Türkiye’s Minister for Energy and Natural Resources Alparslan Bayraktar, Federal Minister for Petroleum Ali Pervaiz Malik, senior government officials, and industry leaders. PPL’s Managing Director and CEO, Sikandar Memon, signed the agreement on behalf of the company.
Under the arrangement, PPL has assigned a 25 percent Participating Interest (PI) together with operatorship to Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortaklığı (TPAO), the national oil company of Türkiye. The company has also allocated 20 percent PI each to Oil and Gas Development Company Limited (OGDCL) and MariEnergies, while retaining 35 percent PI to maintain a central role in the development of the offshore block.
The partnership is the outcome of recent high-level engagements between the governments of Pakistan and Türkiye, aimed at strengthening bilateral cooperation in the energy sector and promoting foreign direct investment in Pakistan’s offshore exploration landscape.
The signing of the farmout agreement has marked a significant advancement in Pakistan’s efforts to tap its offshore hydrocarbon potential while reinforcing the long-term strategic relationship between the two countries.
Reportedly, the government has also approved exploration rights for three offshore blocks and two onshore blocks as part of its broader initiative to boost upstream exploration activity.
A separate agreement for exploration in the Offshore Deep-Sea block has been finalized, with Mari Energies designated as the operator. Similarly, the Offshore Deep F block will also be operated by Mari Energies under a recently concluded agreement.
In Tuesday’s trading, PPL’s share price stood at Rs208.49, up Rs0.25 or 0.12%.
PPL said the cooperation represents an important milestone for Pakistan’s deep-sea exploration efforts, with potential to unlock significant hydrocarbon resources. The arrangement also strengthens long-term strategic energy ties between the two countries in the high-risk offshore domain.
On the onshore front, the government has finalized exploration agreements for the Ziarat North Block and the Sukkur-Porto Block. Key participants across these offshore and onshore projects include Turkish Petroleum Overseas Company, Mari Energies, OGDCL, Fatima Petroleum, PPL, and Government Holdings Limited (GHL).
Together, these developments represent a major step toward expanding Pakistan’s exploration footprint and accelerating investment-driven growth in the country’s energy sector.
