Mari Petroleum Company Limited (MPCL)

About:

Mari Petroleum Company Limited (MPCL) is a leading oil and gas exploration and production company headquartered in Islamabad, Pakistan. Established in 1984, MPCL emerged from the reorganization of the Mari Gas Field’s operations, previously managed by Esso Eastern Inc. MPCL operates the Mari Gas Field in Daharki, Sindh, which is Pakistan’s second-largest gas reservoir, with proven reserves of 10.751 TCF. The company is a key player in Pakistan’s energy sector, providing vital hydrocarbons, including natural gas, crude oil, condensate, and liquefied petroleum gas (LPG).

MPCL is publicly traded on the Pakistan Stock Exchange (PSX) under the symbol MARI, with its ownership shared between Fauji Foundation (40%), Government of Pakistan (20%), and Oil & Gas Development Company Limited (OGDCL) (20%).

Diverse Portfolio:

MPCL’s operations are diversified across exploration, production, and development of hydrocarbons. The company manages a variety of projects to meet Pakistan’s growing energy demands.

Key Focus Areas

Natural Gas Production: Operating the Mari Field, a crucial supplier to Pakistan’s fertilizer plants and power generation.
Oil & Condensate: Continuous exploration and production to enhance energy security.
Exploration Projects: Expansion into onshore and offshore blocks across the country.

Historical Highlights

1957: Discovery of the Mari Gas Field by Esso Eastern Inc. in Sindh.
1983: Fauji Foundation acquired a majority stake during Zia-ul-Haq’s regime.
1984: MPCL formally incorporated as Mari Gas Company Limited.
1994: Listed on the Karachi Stock Exchange (KSE) with its first IPO at PKR 25 per share.
2002: Signed Pakistan’s first-ever Production Sharing Agreements (PSAs) with international players, including Total, Petronas, and OMV.
2014-15: Shifted from cost-plus tariff to international crude price-based tariff for Mari Field production.

Innovation and Growth

MPCL has continually evolved to become a dynamic force in Pakistan’s oil and gas sector. The company adopted cutting-edge exploration techniques, contributing significantly to national energy supplies. It has successfully developed the Habib Rahi Reservoir to sustain long-term gas production and drilled multiple step-out wells to explore reservoir boundaries and increase reserves.

The company’s focus on international partnerships and modern exploration tools has strengthened its role as a leading energy provider.

Financial Performance (2023)

MPCL has consistently delivered strong financial results:

Revenue: Rs. 145.76 billion (US$500 million)
Operating Income: Rs. 85.84 billion (US$300 million)
Net Income: Rs. 56.12 billion (US$190 million)
Total Assets: Rs. 254.59 billion (US$880 million)
Total Equity: Rs. 168.42 billion (US$580 million)

Leadership and Governance

Under the leadership of Waqar Ahmed Malik (Chairman) and Faheem Haider (CEO), MPCL continues to set benchmarks in operational efficiency, transparency, and strategic expansion.

Commitment to Excellence

With nearly four decades of service, MPCL remains committed to fueling Pakistan’s economic growth. It focuses on sustainable energy management, advanced exploration techniques, and maintaining the highest standards of transparency and integrity.

By harnessing Pakistan’s natural resources, MPCL continues to strengthen the national energy infrastructure while ensuring operational efficiency and stakeholder value.