MARI PETROLEUM: STANDING TALL AS PAKISTAN’S BEACON OF HOPEAMIDST ENERGY CRISIS
Aiman Khattak
Pakistan has faced significant economic and energy challenges in recent years, characterized by increasing imports and a growing circular debt burden in the energy sector. These issues have placed immense strain on the economy, while public energy companies have struggled to deliver optimal performance. However, amidst these formidable circumstances, Mari Petroleum Company Limited (MPCL) has emerged as a pivotal player. As Pakistan’s leading gas producer and a subsidiary of the esteemed Fouji Foundation, Mari Petroleum has proven instrumental in addressing the country’s energy sector needs and contributing to the overall prosperity and economic growth of Pakistan. Despite not being a government entity, the Fouji Foundation has distinguished itself as the highest taxpayer in Pakistan in the FY2022-23, making a substantial contribution to Pakistan’s GDP.
In a significant development, Mari Petroleum has achieved a milestone that showcases its robust performance and solidifies its position in the country’s energy landscape. With its market capitalization surpassing $1 billion, MPCL has now become the seventh listed company in Pakistan to achieve this remarkable feat. This notable surge in market value is a direct result of the company’s strong track record in natural gas exploration, particularly in the highly productive Mari Gas Field located in Daharki, Sindh.
Through its relentless efforts and expertise in the sector, Mari Petroleum has successfully tapped into substantial gas reserves, leading to increased investor confidence and driving its market capitalization to new heights. This achievement highlights Mari Petroleum’s pivotal role in meeting Pakistan’s energy demands and reinforces its position as a key player in the country’s energy sector.
The company has achieved a remarkable milestone as its market value soared to an impressive Rs288.95 billion ($1.02 billion) at the end of trading on the Pakistan Stock Exchange (PSX) in 2023. This extraordinary achievement signifies a substantial accomplishment for the company. Notably, Mari’s share price has experienced a remarkable surge, witnessing a remarkable increase of 43 percent since the conclusion of June. This surge reflects the company’s intensified efforts in exploration activities in recent months, demonstrating Mari Petroleum’s commitment to unlocking Pakistan’s hydrocarbon potential and solidifies the company’s role as a key player in Pakistan’s energy landscape.
Recently the company achieved a noteworthy milestone with the discovery of substantial gas reserves at the Shewa-2 well in the North Waziristan district of Khyber Pakhtunkhwa. MARI holds a 55% working interest in the Waziristan Block, operating in collaboration with its joint venture partners, OGDCL and OPI, who possess working interests of 35% and 10%, respectively. With its high exploration success rate, Mari Petroleum continues to make significant contributions to Pakistan’s energy security and economic growth.
To note that, Mari Petroleum’s success in the Shewa-2 well further enhances its reputation as an integrated oil and gas exploration and production company. With a track record of around 70% exploration success rate, significantly higher than the industry average, Mari Petroleum plays a crucial role in meeting Pakistan’s energy needs.
Mari Petroleum Company Limited has not only achieved significant milestones at the Shewa-2 well but has also recently accomplished success in drilling and testing a horizontal well in District Daharki, Sindh. This achievement underscores the company’s expertise and unwavering dedication to maximizing Pakistan’s hydrocarbon reserves. MPCL’s remarkable track record speaks volumes about its commitment, and it has made substantial contributions to critical sectors such as fertilizer manufacturing, power generation, gas distribution, and refineries. Through its efforts, MPCL continues to play a vital role in driving growth and ensuring a sustainable and secure energy future for the country.
Additionally, the discoveries of substantial gas reserves by Mari Petroleum in different areas of Pakistan is a significant development for Pakistan, as it reduces the country’s dependence on imports and strengthens domestic production, thereby enhancing energy security and promoting economic stability. The availability of additional natural gas resources supports the growing energy demands of Pakistan and fosters economic growth.
As the leading energy company in Pakistan investing heavily in exploration and production, Mari Petroleum plays a vital role in driving economic growth and ensuring a sustainable and secure energy future for the country. The company’s discoveries and developments have far-reaching implications for Pakistan’s energy sector, reducing import dependency, and contributing to overall economic stability.
Despite making significant contributions, certain elements hostile to the nation tend to engage in a propaganda aimed at maligning the Fouji Foundation and other military entities. These individuals engage in a deliberate campaign to malign the reputation of both the state and the armed forces, with the clear intention of hindering Pakistan’s progress. However, a careful analysis of the facts and objective reality exposes these allegations as baseless propaganda. In contrast, it becomes evident that Mari Petroleum is playing a highly commendable and positive role in Pakistan’s energy sector, making significant contributions to the nation’s overall economic growth and prosperity. The undeniable achievements and advancements spearheaded by Mari Petroleum serve as a testament to its pivotal role in driving progress and fostering a strong and thriving economy in Pakistan.
To sum up, the challenges faced by Pakistan in its economic and energy sectors have been significant, but MPCL as part of the esteemed Fouji Foundation has emerged as a crucial player in driving progress and prosperity. Mari Petroleum stand as undeniable proof of its positive impact on Pakistan’s energy sector. With its recent milestone of surpassing $1 billion in market capitalization and successful exploration activities, Mari Petroleum continues to demonstrate its commitment to unlocking Pakistan’s hydrocarbon potential and ensuring a sustainable and secure energy future for the nation.
