Pakistan Company News – Material Information of Mari Petroleum Company Limited

Material Information of Mari Petroleum Company Limited

Karachi, Mari Petroleum Company Limited informed Pakistan Stock Exchange The Economic Coordination Committee of the Federal Cabinet in its meeting held on May 17, 2018 (evening) has approved allocation of 75 MMscfd gas from Mari Gas Field to PakArab Fertilizer Limited (PFL). The allocation comprises Mari’s additional production potential from both shallow and deep reservoirs made available from new discoveries and appraisal/development wells.

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.