Mari Energies Limited, formerly Mari Petroleum Company Limited (MARI), has commenced hydrocarbon production from Shewa discovery in Waziristan Block located in Khyber Pakhtunkhwa.
The E&P disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to announce that gas and condensate production has commenced from Shewa discovery located in Waziristan Block in KP Province under the Extended Well Testing (EWT) phase, after completion of the gas transmission pipeline by SNGPL,” read the notice.
MARI shared that the current average production rates are 26 MMSCFD gas and 244 BBLs/D condensate.
“Production is being gradually ramped up to its full potential after achieving stabilization of gas processing plant operating parameters and export systems,” it said.
MariEnergies is the operator of Waziristan Block having a 55% working interest along with Oil and Gas Development Company Limited and Orient Petroleum Inc. as joint venture partners having 35% and 10% working interests, respectively.
“This major milestone represents a significant achievement for enhancing the energy security of the country and positively contributing towards the socio-economic development of this region,” MARI added.
Last month, MARI discovered hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa.
As per the company’s latest financial results, MARI posted a profit-after-tax (PAT) of Rs11.17 billion in the second quarter of fiscal year 2025 (2QFY25), a decline of over 39% year-on-year (YoY) compared to PAT of Rs18.36 billion in the same period of the previous year.
The decline in profit was attributed to lower revenue and higher expenses incurred during the period.
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