KARACHI: Pakistan Petroleum Limited (PPL) has announced a significant development in its strategic energy partnership with Türkiye through the signing of an Assignment Agreement for Eastern Offshore Indus Block C. This agreement marks a new phase of cooperation between the two nations in the energy sector.

The signing ceremony, held on December 2 in Islamabad, was attended by notable figures including Pakistan's Prime Minister Muhammad Shehbaz Sharif and Türkiye's Minister for Energy and Natural Resources Alparslan Bayraktar. Federal Minister for Petroleum Ali Pervaiz Malik and other dignitaries were also present. Sikandar Memon, Managing Director and CEO of PPL, signed the agreement on behalf of the company.

Under the terms of the agreement, PPL has transferred 25 percent of its Participating Interest (PI) and operatorship to Turkish Petroleum Overseas Company (TPOC), a subsidiary of Türkiye Petrolleri Anonim Ortakligi (TPAO), Türkiye's national oil company. Additionally, Oil and Gas Development Company Limited and MariEnergies each receive a 20 percent PI. PPL will retain a 35 percent PI and will play a crucial role in the block's development.

The partnership is the culmination of high-level discussions between the governments of Pakistan and Türkiye, aimed at enhancing bilateral collaboration in the energy sector and attracting Foreign Direct Investment into Pakistan's offshore exploration activities.

The signing of this farmout agreement is seen as a critical step toward tapping into Pakistan's offshore hydrocarbon resources and strengthening the long-term strategic energy ties between Pakistan and Türkiye.