ISLAMABAD: Mari Petroleum Company Ltd (MPCL) has played an active role in alleviating the energy deficiency in the country, said Prime Minister Shahid Khaqan Abbasi, during the annual function of MPCL in Islamabad.
The honourable Prime Minister commended Mari Petroleum for undertaking production enhancement initiatives in Mari Field and other Blocks to help country in bridging the ever increasing gap between demand and supply of energy.
He further said that the company’s effort to provide uninterrupted gas supply to downstream customers for the last five decades is an unmatched achievement that has made Mari Field a model for all other operators in the country to follow.
Earlier during his welcome speech MD Mari Petroleum, LT Gen Ishfaq Nadeem Ahmad (retd) HI(M) thanked the Prime Minister for gracing the occasion with his presence and said that it was Prime Minister’s vision and unwavering support without which MPCL would not have been able to demonstrate such outstanding performance.
While summing up the achievements of MPCL during the recently concluded financial year, the Managing Director revealed that the company produced 32.32 million barrels of oil equivalent (BOEs) energy compared with 30.48 million BOEs produced in the last year.
He said that we continued with our strong financial performance and the gross sales reached the highest ever level of Rs 96.78 billion from 94.99 billion in the last year. Similarly, net sales, which is true reflection of the company’s operational performance, reached unprecedented level of Rs 28.28 billion from Rs 21.71 billion in the last year.
The MD MPCL further said that the Company also contributed Rs 74.3 billion to the government exchequer in the form of royalty, taxes, levies and duties. It is worth mentioning that around 80% of the company’s gross revenues are contributed to the government exchequer.
The Managing Director informed that MPCL’s outstanding financial and operational performance over the years and particularly during the difficult time for E&P industry worldwide has caught the eye of the world and MPCL has emerged as a blue-chip company at the stock exchange.
The company has won a number of awards from various independent bodies not only for its financial and operational performance and reporting but also for its management, HSE, HR and CSR practices.
Earlier the chief guest distributed awards among the outstanding employees of the company and the best field award of the year 2017, was awarded to Halini Oil Field for demonstrating the highest professional standards.
