Mari Petroleum Company Limited (MARI), one of Pakistan’s largest energy and exploration companies, has successfully commenced gas production from its appraisal well Mari Ghazij-l, located in Mari D&PL, Sindh.
The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
Last month, the company successfully drilled and tested the abovementioned appraisal well.
“Reference our disclosure vide letter no. MPCL-CA-23-3667, dated October 09, 2023, whereby it was informed that Mari Petroleum Company Limited (MARI) has successfully drilled and tested the appraisal well Ghazij-2 in Mari D&PL.
“It is further informed that Extended Well Testing (EWT) gas production from the appraisal well Ghazij-2 has commenced,” MARI said in its notice to the bourse.
The well is currently producing around 8 million standard cubic feet per day (mmscfd) of gas which is being supplied to Sui Northern Gas Pipeline Limited (SNGPL), shared the company.
“This new supply of gas will contribute in reducing the energy demand and supply gap in the country during forthcoming winter season, and will help save foreign exchange through indigenous hydrocarbon production,” it said.
MPCL is the operator of Mari D&PL with 100% working interest.
By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI 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 fertilizer manufacturers, power generation companies, gas distribution companies; and refineries.
As per MARI’s latest financial results, the company’s net sales and net profit recorded an impressive growth of 53% and 70% year-on-year and stood at the historically highest levels of Rs145.7 billion and Rs56.1 billion, respectively, during the fiscal year 2022-23.
The net profit would have been Rs64.7 billion without the provision of a 10% super tax. Growth in net profit was reflected in EPS, which also reached the historically highest level of Rs420.75 per share from Rs247.8 per share of the previous year.