AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

KARACHI: The Pakistan Petroleum Limited (PPL) has disclosed that the competent authority has approved grant of Development and Production Lease (D&PL) over the Sui gas field to the company (100 percent working interest), covering an area of 455.80 sq. km, for a period of ten years, effective from 1st June 2015 to 31st May 2025, in accordance with the Pakistan Onshore Petroleum (Exploration & Production) Rules, 2013 (the “Rules”).

The original Sui Mining Lease (ML) had expired in 2015 after completion of sixty (60) years and the Company had submitted an application to Director General Petroleum Concessions (DGPC) for the grant of a D&PL over Sui Field under rule 30 (A) of the Rules, material information sent to Pakistan Stock Exchange on Monday said.

PPL’s quarterly profit drops 24% amid lower sales, rising costs

The total liability, as of 30th September 2024, on account of Lease Extension Bonus, Production Bonus and Social Welfare / Training Obligations is Rs 52.5 billion. This liability along-with the obligations for future period will be paid up till May 2025 as per the payment schedule approved by the Economic Coordination Committee (ECC), it added.

Under the Rules, the D&PL is eligible for extension and given the economics and commercial production from the Sui Field, the Company plans to pursue an extension of the lease period in accordance with the Rules.

The company will now enter into the D&PL and Petroleum Concession Agreement (PCA) enabling it to discharge its financial obligations as approved by the Federal Government and seek further extensions of the D&PL in accordance with the Rules, the information said.

Copyright Business Recorder, 2024

Comments

Comments are closed.