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KARACHI: In line with its growth strategy to expand its exploration portfolio to enhance its reserves base, Mari Petroleum Company (MPCL) has acquired 100 per cent stake in Block 2768-9 Sukkur from Pakistan Exploration (Pvt) Ltd (PEL).

MPCL and PEL are joint venture partners in the Sukkur block with working interests of 58.8235pc and 41.1765pc respectively.

After the approval from the board of directors, MPCL has signed a farm-in/farm-out agreement with PEL to acquire the entire 41.1765pc of its holding. Subsequently, MPCL will become 100pc working interest owner in the Sukkur block after government approval and completion of legal formalities.

PPL discovers hydrocarbons in Punjab

Pakistan Petroleum Limited (PPL), operator of Talagang (3372-18), with 100 per cent working interest, has discovered hydrocarbons from exploratory well Talagang X-1, located in district Chakwal, Punjab.

PPL, in a statement, said during the initial testing in the Eocene carbonates of Chorgali, Sakesar formations, 313 barrels per day of hydrocarbons flowing with immeasurable quantity of gas at flowing well head pressure of 77 psi on 32/64” choke.

OGDCL profit soars

Oil and Gas Development Company Ltd (OGDCL) on Friday announced a 23.3 per cent increase in its profit after tax to Rs79 billion for the financial year ended June 30 from Rs64bn the previous year.

The board also announced a final cash dividend of Rs2.50 per share taking the FY18 payout to Rs10 per share. Sales for FY18 stood at Rs205bn, up 19pc from Rs172bn the earlier year which was attributable to higher oil and gas prices together with depreciation of the rupee against the dollar by 5pc year-on-year.

Published in Dawn, September 8th, 2018