Pakistan Petroleum Limited Shows Interest in Iraqi Oil, Gas

Pakistan Petroleum Limited (PPL) is likely to venture into the Iraqi oil and gas exploration space.

The company has submitted a suggestion for the approval of $ 100 million investment for oil and gas exploration works in Iraq to the federal government.

PPL is among 46 companies pre-qualified for oil and gas exploration projects in Iraq. It has decided to work in partnership with Zhenhua Oil Company of China.

Iraq is expected to hold fourth licensing round for oil and gas blocks next month.

PPL has cited lack of opportunities in Pakistan as the reason for its planned foray into Iraq.

“Pakistan lacks exploration opportunities since the new bidding round has been on hold and the available opportunity in Iraq cannot be compared with a similar opportunity in Pakistan,” the company told The Express Tribune.