| Mari Petroleum Company Limited | |
| Type: | Public |
| Traded As: | KSE 100 component KSE 30 component |
| Industry: | Oil and Gas |
| Products: | Oil, Natural gas, Condensate, Liquefied Petroleum Gas |
| Location: | Islamabad, Pakistan |
| Revenue Year: | 2023 |
| Income Year: | 2023 |
| Net Income Year: | 2023 |
| Assets Year: | 2023 |
| Equity Year: | 2023 |
| Num Employees: | 1,618 |
| Num Employees Year: | 2023 |
| Footnotes: | Financials [1] |
Mari Petroleum Company Limited (MPCL) (Urdu: مری پیٹرولیم) 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 liquefied petroleum gas).[3]
It is listed and traded on the Pakistan Stock Exchange.[4] [2]
In 1957, when MPCL was operating as Esso Eastern Inc., the Mari Gas Field was discovered in Daharki, Ghotki District, 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.[5] [2]
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.
In 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.
In 1994, Mari was listed on the Karachi Stock Exchange, following an initial public offering at PKR 25 per share.[6]
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 step out wells to determine the boundaries of the Habib Rahi Reservoir.
Mari's tariff was cost-plus but it was changed to international crude prices, starting from 2014-2015.[7]
The hallmark of MPCL's growth and expansion is also represented by its entry into exploration activities in 2001.[3] [8]
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 a 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.
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 fertilizer 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 the other 6 blocks MPCL is a joint partner.
National Resources Limited (NRL) is created as joint venture to involve in among other things, exploration, survey, extraction, excavation, mining and sale of produced minerals. Y.B. Pakistan, Arif Habib Equity, Liberty Mills, and Reliance Commodities are the Joint Venture partners. Each will have 20% share.