KARACHI: Pakistan Petroleum Limited’s (PPL) output share is set to increase with the commissioning of Dhok Sultan oil handling and Zafir processing facilities down the line together with optimising production from mature fields, an official said on Tuesday.
“PPL’s daily production share stood around 852 MMscf gas during 2020-21, a decrease from the previous year due to significantly lower off-take by GENCO II from Kandhkot,” said Moin Raza Khan, MD & CEO PPL, in a company statement.
“Nonetheless, the Ccompany achieved a reserves replacement ratio of 108 percent with effective field development activities.”
According to the statement, Khan said this at the 70th Annual General Meeting of PPL online, in which members approved financial statements for the fiscal year ended June 30, 2021, together with the auditor’s report.
PPL registered a profit-after-tax of Rs52.4 billion, the second highest for the company and a final cash dividend of 20 percent on ordinary and 15 percent on convertible preference shares was also approved.
Raza further said production commenced from Benari X-1, Shah Bandar Block and Hadaf X-1 as well as commissioning of GPF- IV Phase II, Gambat South that collectively added 35 MMscfd gas to the supply network. Besides, PPL drilled seven development wells—three in operated and four in partner-operated fields, he added.
Khan highlighted that even though the Covid-19 global pandemic adversely affected businesses, the company showed remarkable resilience, while operating under the looming shadow of this pandemic for almost two years, by managing to not only deliver uninterrupted energy to the national grid but also achieving a historic milestone of winning an exploration block in Abu Dhabi Bid Round.
“PPL led a consortium of ‘big four’ national E&P (exploration and production) companies to secure the country’s first-ever concession in Abu Dhabi, United Arab Emirates,” Khan added.
“We have also managed to improve collections from our customers, amid aggravating circular debt in the country, through highest-level engagement with them.”