Mari Petroleum Posts Outstanding Profit in FY 2020-21

Living up to stakeholders’ expectations, Mari Petroleum Company Limited (MPCL) yet again posted outstanding financial and operational results for FY 2020-21. The Company’s natural gas production increased by 8 percent while crude oil and condensate production were up by a significant 19 percent, resulting in achieving the highest ever production of 35.8 MBOE. Robust production and greater financial discipline propelled the Company’s net profit to the highest ever of Rs. 31.44 billion, i.e., 3.6 percent higher than the net profit achieved last year despite a decrease in applicable oil price and socio-economic impact of COVID. The company had reported a profit of Rs. 30.31 billion in FY 20. ALSO READ Textile Exports Register 15.61% Growth During July 2021: PBS   In line with growth in net profit, EPS also increased to Rs. 235.7 per share from Rs. 227.23 per share from the previous year. The Company contributed Rs. 62.6 billion to the Government exchequer in the form of royalty, taxes, levies, and duties. Indigenous production of natural gas, crude oil, and LPG by the Company helped curtail the Country’s fuel import bill by approximately Rs. 311 billion during FY 2020-21. MPCL Board of Directors has recommended a final cash dividend of Rs. 75 per share (750 percent) for approval of the shareholders in the upcoming AGM. With this, the total dividend for FY 2020-21 will come to Rs. 141 per share (1410 percent). Ongoing development projects such as HRL debottlenecking and installation of processing facilities for low BTU gas are progressing as planned, and once complete, will add to production along with extending the plateau and life of the Mari field. The Company is currently drilling three key exploratory wells, one each in Bannu West, Karak, and Kalchas Blocks. These wells from a technical point of view are challenging, and success in these efforts could add significant new resources. The seismic acquisition in block 28 is complete and seismic processing and interpretation are ongoing to mature drillable prospects. ALSO READ Pakistan Oil Refining Policy Draft Stopped by Asad Umar: Report Faheem Haider, Managing Director MPCL, thanked the Chairman and all the Directors on MPCL Board for their support and guidance during his first year at the helm of affairs at MPCL. He also complimented and thanked management team members and all the employees of the Company for their efforts and contributions in delivering these remarkable results.