Mari Petroleum Company

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Mari Petroleum Company Limited
Public Limited
Traded asPSXMARI
IndustryOil and Gas
Founded1984; 35 years ago (1984)
HeadquartersIslamabad, Pakistan
ProductsOil, Natural gas, Condensate, Liquefied Petroleum Gas
RevenueIncrease Rs. 96.188 billion (2016)
OwnerFauji Foundation (40%)[1]
Websitewww.mpcl.com.pk

Mari Petroleum Company Limited (MPCL) (formerly, Mari Gas Company Limited) is a Pakistani petroleum exploration and production company based in Islamabad, Pakistan. The company is controlled by the Fauji Foundation with 40 percent shares.[2]

It is operating the country’s second largest gas reservoir at Mari Field, District Ghotki, Sindh. MPCL is primarily engaged in exploration, development and production of hydrocarbon products (natural gas, crude oil, condensate, and liquified petroleum gas).[3]

It is listed and traded on the Pakistan Stock Exchange.[4]

History[edit]

In 1957, when MPCL was operating as Esso Eastern Inc.,[5] the Mari Gas Field was discovered in Daharki, Sindh, Pakistan, with an original gas in place (GIIP) estimate of 2.38 TCF. Over the years, with the phased development of the Field and subsequent reservoir evaluations, the GIIP of the Field was enhanced to 10.751TCF, thus making Mari one of the largest gas fields in Pakistan in terms of balance reserves.

In May 1983, the Fauji Foundation, a major Pakistani group, along with OGDCL (Oil and Gas Development Company, Ltd.) and the Government of Pakistan acquired the entire business operation of Esso Eastern Inc. in Pakistan, which included the Mari Gas Field.

During December 1984, the business was reorganized and incorporated as Mari Petroleum Company Limited, and it acquired the assets, liabilities and operational control of the Mari Gas Field. MPCL primarily operated as a production company until 1997, when it began the phased development of the Habib Rahi Reservoir to supply gas for new fertilizer plants. The company also simultaneously pursued appraisal activities within its Mari D&P Lease by drilling stepout wells to determine the boundaries of the Habib Rahi Reservoir.

The hallmark of MPCL’s growth and expansion is also represented by its entry into exploration activities in 2001. The Company's current CEO is Ishfaq Nadeem Ahmed.[3][6]

Distinctions[edit]

The Company has the highest well success ratio of any E&P company in Pakistan (1:1.44, or 69.23%) compared to other companies (which average 1:3.3, or 30.1%),[7] and is also the most cost-effective. The company’s operating expenses are 7-8% of its gross sales, while other companies average operating expenses which comprise 21% of their gross sales.

Exploration[edit]

MPCL started extensive geological and geophysical exploration in 2001, often in partnerships with local and international exploration and production companies to tap indigenous hydrocarbon resources of the country. MPCL’s success ratio in 2013-14 was 100 percent as MPCL drilled five oil/gas wells and all were successful which resulted in the significant increase in the company's oil/gas production. Last year MPCL share prices were trading at around Rs 400 per share, which has now crossed Rs. 900 per share.[when?]

MPCL's success ratio is 1:1.4, which is high compared to other E&P companies which average 1:4; internationally the ratio is 1:8. About 78% of MPCL's gas production is dedicated to fertiliser plants, and the company is playing a very critical role in the growth of the agriculture sector. Currently, MPCL is working in 17 oil/gas blocks, of which 11 blocks are entirely being explored by MPCL while in other 6 blocks MPCL is a joint partner.

MPCL Operated Blocks[edit]

  • Mari D&P Lease; MPCL has 100% working interest
  • Zarghun South D&P Lease; MPCL has 35% working interest
  • Sujawal Block; MPCL has 100% working interest
  • Peshawar East; MPCL has 98.2% working interest
  • Ziarat Block; MPCL has 60% working interest
  • Ghauri Block; MPCL has 35% working interest [8]
  • Karak Block; MPCL has 60% working interest [9]
  • Sukkur Block; MPCL has 58.8% working interest
  • Harnai Block; MPCL has 40% working interest
  • Bannu West Block; MPCL has 35% working interest

MPCL Non-operated Blocks[edit]

  • Hala Block; MPCL has 35% working interest
  • Kohlu Block; MPCL has 30% working interest
  • Kalchas Block; MPCL has 20% working interest
  • Kohat Block; MPCL has 20% working interest
  • Shah Bandar Block; MPCL has 32% working interest

References[edit]

  1. ^ http://mpcl.com.pk/about/board-of-directors/
  2. ^ http://mpcl.com.pk/about/board-of-directors/
  3. ^ a b New gas find in Ghotki announced Business Recorder (newspaper), Published 16 February 2017, Retrieved 14 November 2017
  4. ^ Oil & gas sector performed in line with KSE-100 in 2013 The News International (newspaper), Published 27 December 2013, Retrieved 14 November 2017
  5. ^ "MPCL started as Esso Eastern Inc".
  6. ^ Mari Petroleum Company Limited a rising star Business Recorder (newspaper), Published 26 April 2017, Retrieved 14 November 2017
  7. ^ Pakistan Energy Yearbook 2010 (Ministry of P & NR - HDIP)
  8. ^ MPCL discovers oil reserves near Jhelum The Nation (newspaper), Published 7 June 2014, Retrieved 14 November 2017
  9. ^ Mari Gas makes major oil discovery in Mianwali Pakistan Today (newspaper), Published 14 October 2011, Retrieved 14 November 2017

External links[edit]