Pakistan Company News – Approval of Company’s Budget for the year 2018-19 of Mari Petroleum Company Limited

Approval of Company’s Budget for the year 2018-19 of Mari Petroleum Company Limited

Karachi, Mari Petroleum Company Limitedinformed Pakistan Stock Exchange that the Board of Directors of the Company in its meeting held on May 31, 2018 at Islamabad has approved the Company’s Budget for the year ending June 30, 2019.

Mari Gas Field was originally owned by Pakistan Stanvac Petroleum Project, a joint venture formed in 1954 between Government of Pakistan and M/s Esso Eastern Incorporated, having 49% and 51% ownership interest, respectively. The first gas discovery was made by the Joint Venture in 1957 when the first well in lower Kirthar ‘Zone-B’ Limestone Formation was drilled. Production from the field started in 1967. In 1983, M/s Esso Eastern transferred its entire share to Fauji Foundation, which set up a public limited company for the purpose of acquiring the assets and liabilities of the Project.

In 2001, the Company expanded its operations and entered into exploration business. The Company is now a major player in the Country’s oil and gas exploration and production sector operating eleven exploration and production assets (two D&P leases and nine operated blocks) and has partnership with leading national and international E&P companies in six non-operated blocks.

To reflect its diversified business operations and expanded activities, the name of the Company was changed from “Mari Gas Company Limited” to “Mari Petroleum Company Limited” (MPCL) in November 2012.