Mari Petroleum drills another appraisal well in Sindh

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, has successfully drilled another development well in Mari Deep Goru-B formation located in the Mari Development and Production Lease (D&PL), Sindh

The company, which is an operator of Mari D&PL with 100% working interest, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“As part of the field development activities in the Mari D&PL area, MPCL has successfully drilled and tested Mari Deep-20 well in the Goru-B formation.

“The well was spudded in on December 17, 2023, and drilled down to a depth of 2,975 meters. The well is tested at 19 million standard cubic feet per day (MMSCFD) gas and 8.3 barrels per day (BPD) condensate with a wellhead flowing pressure (WHFP) of 2,448 pounds per square inch (Psi) at 40/64-inch choke size,” read the notice.

Mari shared that after hookup, the gas will be processed at Sachal Gas Processing Complex (SGPC) for onward supply to SNGPL.

“It will maximise SGPC utilization in addition to optimizing reservoir management,” it said.

Earlier this month, Mari successfully drilled and tested appraisal well at Mari Ghazij-l located D&PL, Sindh.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, the E&P is the second largest producer of natural gas in the country.

The company is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international.

Mari’s key customers include fertiliser manufacturers, power generation companies, gas distribution companies; and refineries.

The company posted a profit-after-tax (PAT) of Rs37.51 billion in 1HFY24, up over 57% year-on-year (YoY), compared to PAT of Rs23.87 billion in the same period of the previous year.