Pakistan Petroleum Limited (Reporting name: PPL or PP) is a multinational, global competitive and one of the largest state-owned mega-corporation of Pakistan. It was incorporated on 5 June 1950, when it inherited the assets and liabilities of the Burmah Oil Company Ltd. which initially holds 70% of the share with the rest mostly held by the government of Pakistan (GoP). As of June 2011, GoP held 70.66% of the shares.
The company is headquartered in Karachi. It operates major oil and gas fields, including the Sui gas field, has non-operating interests in other fields, and has an interest in an exploration portfolio onshore and offshore. The company is now planning international exploration in partnership mode.
Video Pakistan Petroleum
Board of directors
Maps Pakistan Petroleum
Recent events
Highlights for 2008
Sales Rs 45.7 billion, profit before tax Rs 30.4 billion, profit after tax Rs 19.7 billion, cash dividend of 55% plus 10% stock dividend.
Year 2010-2011
The company sale revenue increased by 31% to PKR 78.3 billion. PPL made a profit after tax of PKR 31.4 billion showing and increase of 35% over the previous financial year. Rising international prices and depreciation of the rupee against US dollar coupled with the positive oil-to-gas sales mix attributed to this profitability to rise all-time high earning per share of PKR 26.21
Awards
PPl secured five major corporate awards in 2011:
- Best corporate report award for annual report 2009
- Corporate philanthropy award
- KSE (Karachi Stock Exchange) top 25 companies award
- MAP (Management Association of Pakistan) corporate association award
- SAFA (South Asian Federation of Accountants) award for best annual report 2009
Operations
PPL is operator and shares 100% in two fields:
- Kandhkot gas field was hit by flood in August 2010 and one of the gas gathering mains (GGM) submerged completely and two GGMs partly. There were 25 producing wells out of which 15 were shut-in. Production from the field dropped to 70 MMscfd (million standard cubic feet per day) from the peak of 195 MMscfd of gas. Eight wells were bought into operation by September 2010. After repairs, production increased to 160 MMscfd. Two additional wells brought into operation by mid October 2010 adding 30 MMscfd of gas thereby increased available production to 190 MMscfd. In December 2010, compression station began commercial operation to maintain contractual delivery pressure and enhance recovery ratio.
- Sui gas field is under depletion phase, gas sales during the financial year 2010-2011 was 170,805 MMscf against 177,574 MMscf in 2009-2010. Production commenced from two development wells and a third well spud-in during the fiscal year 2010-2011. Drilling of well Sui-92U was started in March 2010. The well was drilled up to the depth of 2,128 meters in the Pab reservoir and was successfully completed as a single string producer from Sui upper limestone (SUL) in December 2010. Drilling of well Sui-89M started in January 2011 and was completed in February 2011. Sui-93M was drilled as a horizontal well using under-balanced drilling technology in the reservoir for the first time in the country to optimise field production. Well drilling started in March 2011 and completed in July 2011.
Partners operated producing fields
- Block 2669-3 (Latif)
- Block 2668-4 (Gambat)
- Block-2768-3 (Block-22)
- Block 3370-3 (Tal)
- Manzalai field
- Makori field
- Mamikhel discovery
- Maramzai discovery
- Makori East discovery
- Tolang discovery
- Block 3370-10 (Nashpa)
- Miano gas field
- Qadirpur gas field
- Sawan gas field
Bolan Mining Enterprises
Bolan Mining Enterprises is a joint venture on equal basis between Pakistan Petroleum and the government of Baluchistan (GoB). A grinding mill having a capacity of 50,000 tonnes per year was set up and has met almost 80% of the total barytes required by oil exportation companies operating in Pakistan. Bolan barytes are produced in accordance with the American Petroleum Institute specifications. BME has been authorised by API to use their 'official momogram' on BME barytes.
During the financial year 2010-2011, the sales of barytes was 41,316 tonnes and BME earned a pre-tax profit of PKR 138.864 million from barytes project Khuzdar as compared to PKR 148.800 million earned in 2009-2010. A sum of PKR 27.440 million appropriated towards reserves for development and expansion. The company's net 50% share of the profit was PKR 55.712 million during the financial period 2010-2011.
References
External links
- Official website
Source of the article : Wikipedia
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