Turkish Petroleum Overseas Company (TPOC), a wholly owned subsidiary of the state-owned Türkiye Petrolleri Anonim Ortaklığı (TPAO), and two Pakistani firms have inked a farm-out agreement with Pakistan Petroleum Limited (PPL) for a block offshore Pakistan .
Under the deal, which is subject to regulatory approvals, TPOC will get a 25 % participating interest in and operatorship of Eastern Offshore Indus Block-C . PPL will retain a 35% interest, continuing to play a role in the block’s development, while two Pakistani players, the Oil and Gas Development Company Limited (OGDCL) and MariEnergies , will get 20% each.
According to PPL, the partnership is the result of high-level engagements between the governments of Pakistan and Türkiye, aimed at deepening bilateral cooperation in the energy sector and promoting foreign direct investment in Pakistan’s offshore exploration activities.
The collaboration is thought to mark a significant step toward unlocking Pakistan’s offshore hydrocarbon potential, setting the foundation for long-term strategic energy cooperation between the two countries.
“This transaction underscores OGDCL’s commitment to advancing offshore exploration in Pakistan. Leveraging its strong exploration expertise, in-house seismic capabilities, and prior participation in offshore programs, the Company is well positioned to play a central role in accelerating exploration and development in the Country’s offshore basins,” said OGDCL.
In addition to activities abroad, TPAO has been busy at home as well. Last month, the Turkish player hired Wison New Energies for work on a floating production unit (FPU) , which will be the centerpiece of Phase 3 of its Sakarya gas field development. Discovered in August 2020, Sakarya is described as the largest natural gas field in Türkiye.