Islamabad, March 25: Mari Energies Limited, previously known as Mari Petroleum Company Limited (MARI), has officially commenced hydrocarbon production from its Shewa discovery in the Waziristan Block, located in Khyber Pakhtunkhwa (KP).
This announcement was made via a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
Key highlights of the development:
Production Details: The gas and condensate production has started under the Extended Well Testing (EWT) phase, following the completion of the gas transmission pipeline by Sui Northern Gas Pipelines Limited (SNGPL).
Current production levels include 26 million standard cubic feet per day (MMSCFD) of gas and 244 barrels per day (BBLs/D) of condensate. Production is expected to ramp up gradually as the gas processing plant stabilizes and export systems are optimized.
Mari Energies Starts Production: Ownership and Stakeholders
Mari Energies operates the Waziristan Block with a 55% working interest. Its joint venture partners include Oil and Gas Development Company Limited (OGDCL) with a 35% stake and Orient Petroleum Inc. holding the remaining 10%.
Mari Energies Starts Production: Impact on Energy Security
The commencement of production is seen as a significant milestone in enhancing Pakistan’s energy security and is expected to positively impact the socio-economic development of the region.
Mari Energies Starts Production: Recent Discoveries
In addition to the Shewa discovery, Mari Energies recently found hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa, further bolstering its portfolio.
Mari Energies Starts Production: Financial Results
For the second quarter of fiscal year 2025 (2QFY25), Mari Energies reported a profit-after-tax (PAT) of Rs11.17 billion, marking a decline of over 39% compared to the same period in the previous year (Rs18.36 billion). The decrease in profit is attributed to lower revenue and higher expenses during the period.
This production milestone marks a significant achievement for Mari Energies in contributing to the country’s energy needs and supporting the local economy in Khyber Pakhtunkhwa.
