Latest news with #MariEnergiesLimited
Business Recorder
01-07-2025
- Business
- Business Recorder
Mari Energies completes tax compliance on 800% bonus shares
Mari Energies Limited, one of Pakistan's largest E&Ps, has completed the tax compliance process related to its 800% bonus share issuance, in line with directives from the Islamabad High Court. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'Pursuant to the Honourable Islamabad High Court order, Mari Energies Limited has successfully concluded the necessary measures for recovery and deposit of tax relating to the issuance of 800% bonus shares as required under the Income Tax Ordinance, 2001,' the company informed its stakeholders. The company implemented a mechanism to recover and deposit the applicable tax with the Federal Board of Revenue (FBR) by withholding and disposing of a portion of bonus shares from both filer and non-filer shareholders. As part of the tax recovery mechanism, Mari Energies initially retained 10% of the bonus shares for shareholders classified as filers, and 20% for non-filers, it said. 'Their retained shares were disposed of, and the proceeds were deposited with FBR and adjusted against the tax obligations of the relevant shareholders,' read the notice. Meanwhile, in instances where the retained shares were insufficient to satisfy the pertinent tax obligations, the company was authorised by the Court to retain additional shares under lien (10% for filers and 20% for non-filers) and recently authorised to dispose of the shares under lien to the extent of the tax liability. 'Accordingly, lien-marked bonus shares belonging to shareholders who did not fulfil their tax payment obligations have been proportionately disposed of to satisfy their individual tax liabilities,' MARI said. The company informed that a uniform weighted average sale price was applied across all such transactions. It added that these supplementary disposals amounted to approximately 0.38% of the total bonus issue for filers and about 0.76% for non-filers. 'The proceeds from these transactions, representing the recovered tax, are being deposited with the FBR.' Meanwhile, the remaining bonus shares have been credited to the respective shareholders' accounts with the Central Depository Company (CDC), it said. Mari Energies is the country's second-largest producer of natural gas. It is an integrated oil and gas E&P company with an exploration success rate of around 70%, which is significantly higher than the industry averages of approximately 30% nationally and 14% internationally. The company operates Pakistan's largest gas reservoir at Mari Gas Field, Daharki, Sindh.
Business Recorder
12-06-2025
- Business
- Business Recorder
Pakistani energy consortium signs key agreement with ADNOC
In a key development for Pakistan's energy sector, a consortium of leading Pakistani oil and gas exploration companies has formally entered into an international partnership for hydrocarbon exploration and production in the United Arab Emirates (UAE). 'We are pleased to announce the signing and execution of a Production Concession Agreement (PCA), for the development of Offshore Block 5, Abu Dhabi,' Mari Energies Limited (MARI) disclosed in a notice to the Pakistan Stock Exchange (PSX). The listed energy company informed that the PCA has been signed between the Supreme Council for Financial and Economic Affairs (SCFEA) on behalf of the Government of the Emirate of Abu Dhabi, Abu Dhabi National Oil Company (ADNOC) P.J.S.C, and Pakistan International Oil Limited (PIOL). PIOL is a special-purpose vehicle incorporated by a consortium comprising Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies Limited, and Government Holdings (Private) Limited, with each partner holding a 25% share. 'Upon execution of the PCA, the partnership will be between ADNOC and PIOL with PIOL holding 40% participating interest,' read the notice. Experts say this agreement represents a milestone for Pakistani energy companies operating abroad. In 2021, PIOL was awarded offshore Block 5 in Abu Dhabi's second competitive exploration block bid round. The offshore Block 5 covers an area of 6,223 square kilometres and is located 100 kilometres northeast of Abu Dhabi city. At the time, the consortium noted that the development provides an opportunity to join the world-renowned Abu Dhabi National Oil Company (ADNOC) and unlock untapped resources in one of the world's largest hydrocarbon super-basins by investing in a trusted and reliable business environment.
Business Recorder
09-05-2025
- Business
- Business Recorder
Mari Energies announces first gas discovery at Soho-1 well in Sindh
Mari Energies Limited, formerly Mari Petroleum Company Limited (MARI), has discovered gas production from its Soho-1 exploratory well in the Sujawal Block located in Sindh. The E&P, which is the operator of Sujawal Block with 100% working interest, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. 'Mari Energies Limited is pleased to announce a gas discovery at Soho-1 exploratory well drilled in the Sujawal Block, located in Sujawal district, Sindh,' read the notice. The company shared that it tested gas production at two different choke sizes. At 64/64' choke, the well produced 30.01 million standard cubic feet per day (MMSCFD) of gas at a pressure of 1,482.5 psi. Meanwhile, at 32/64' choke, it flowed 18.84 MMSCFD at a much higher pressure of 3,447.8 psi. Mari Energies begins hydrocarbon production from KP's Shewa discovery The company shared that further testing of the additional targeted formations is underway to fully evaluate the well's potential. 'It is pertinent to mention that this is the first gas discovery in the Lower Goru (Massive Sand) in the Sujawal Block and has opened a new avenue for exploration in the Massive Sands after several failures in the region,' it added. In March, Mari Energies Limited commenced hydrocarbon production from Shewa discovery in Waziristan Block located in Khyber Pakhtunkhwa. As per the company's latest financial results, MARI posted a profit-after-tax (PAT) of Rs11.17 billion in the second quarter of fiscal year 2025 (2QFY25), a decline of over 39% year-on-year (YoY) compared to PAT of Rs18.36 billion in the same period of the previous year. The decline in profit was attributed to lower revenue and higher expenses incurred during the period.
Arab News
11-04-2025
- Business
- Arab News
Pakistan, Turkiye sign offshore bidding pact for joint oil and gas exploration
ISLAMABAD: Pakistan and Turkiye this week signed a joint agreement to participate in an offshore oil and gas exploration bid round in Pakistan, the press information department said in a statement. The agreement was signed on the sidelines of the Pakistan Minerals Investment Forum 2025 by Pakistani Minister for Petroleum Ali Pervaiz Malik and Turkiye's Minister of Energy and Natural Resources Alparslan Bayraktar. Under the agreement, leading Pakistani exploration and production (E&P) companies — Mari Energies Limited, Oil & Gas Development Company Limited (OGDCL), and Pakistan Petroleum Limited (PPL) — will partner with Turkish state-owned enterprise Türkiye Petrolleri Anonim Ortaklığı (TPAO) to jointly bid for offshore blocks. 'This bid round is a significant opportunity for attracting foreign direct investment (FDI) in the country's upstream energy sector,' the press information department statement said. 'We believe that this strategic collaboration [with Turkiye] will bring much-needed FDI to Pakistan and pave the way for the sharing and deployment of international technologies, expertise, and skillsets to explore and exploit the untapped potential of Pakistan's offshore region.' Pakistan's offshore consists of two distinct geological basins, Makran and Indus, which together cover an area greater than 282,623 sq km. In a major policy shift aimed at revitalizing Pakistan's energy sector, the government in February announced the auction of 71 oil and gas exploration blocks, 40 offshore and 31 onshore, while also unveiling plans to deregulate fuel prices. These measures are expected to enhance domestic energy production, attract foreign investment, and introduce competitive pricing in the petroleum market. Then Federal Minister for Petroleum Musadik Malik made the announcement at the Annual Oil and Gas Conference in Islamabad in February, highlighting the urgent need to expand exploration efforts. He said Pakistan had drilled only 18 offshore wells in the past 60 years, far behind regional peers such as India and Bangladesh, which have made significant discoveries in offshore fields. To bridge this gap, the government was now offering 40 offshore blocks for bidding, providing investors with an opportunity to tap into the country's largely unexplored maritime energy reserves. Additionally, 31 onshore blocks had been made available to expand domestic oil and gas production.
