Karachi, February 26, 2024 – Pakistan Petroleum Limited (PPL) has announced a remarkable growth in net profit, exceeding 44% for the first half of the fiscal year 2023-24.
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Pakistan Petroleum Celebrates Successful Drilling at Hala
Karachi, February 13, 2024 – Pakistan Petroleum Limited (PPL) achieved a significant milestone on Tuesday with the successful drilling and testing of the Adam-2 well in the Hala region.
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PPL Commits to Funding Balochistan’s Share in BLZ Project
Karachi, February 7, 2024 – Pakistan Petroleum Limited (PPL) has taken a significant step towards supporting the development of the Balochistan region by deciding to fund the government’s share of capital contribution in the BLZ Project.
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Pakistan Petroleum Limited Announces Major Gas Discovery in Sindh Province
Karachi, November 20, 2023 – Pakistan Petroleum Limited (PPL) revealed on Monday a significant breakthrough in the energy sector with the discovery of gas and condensate in District Sujawal of the Sindh Province.
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PPL Discloses Successful Outcome of Rigless Production Enhancement Campaign
Karachi, October 6, 2023 – Pakistan Petroleum Limited (PPL), a major player in Pakistan’s energy sector, has unveiled the results of its rigless production enhancement campaign, reaffirming its commitment to bolster the country’s energy security by optimizing domestic hydrocarbon production.
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PPL Explores Engagement with Sovereign Foreign Investors in Reko Diq Project
In a strategic move to enhance the development prospects of the Reko Diq Project, Pakistan Petroleum Limited (PPL) announced its intention to explore potential engagement with sovereign foreign investors.
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Pakistan Petroleum signs agreement for Reko Diq Project
KARACHI: Pakistan Petroleum Limited (PPL) has announced signing of an agreement for reconstituted Reko Diq Project.
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Pakistan Petroleum discovers gas in Sindh
KARACHI: Pakistan Petroleum Limited (PPL) on Wednesday announced discovery of gas from its well located in District Sanghar, Sindh province.
The company in a communication sent to Pakistan Stock Exchange (PSX), announced a gas and condensate discovery from exploration well Shahpur Chakar North X-1, in Block 2568-18 (Gambat South), located in District Sanghar, Sindh Province.
READ MORE: Pakistan may sharply cut petroleum prices from Oct 16, 2022
Block 2568-18 (Gambat South) EL is operated by Pakistan Petroleum Limited (PPL) with 65 per cent working interest (WI) along with its Joint Venture Partners Government Holdings Private Limited (GHPL) and Asia Resources Oil Limited (AROL) with 25 per cent and 10 per cent WI, respectively.
READ MORE: OGDCL announces gas discovery in KPK
The exploration well Shahpur Chakar North X-1 was drilled to a depth of 3,560 m to test the hydrocarbon potential of Massive Sand of Lower Goru Formation. Based on the wire line logs, potential hydrocarbon bearing zones were identified inside the target reservoirs. Initial testing in the Massive Sand (Deep) interval of Lower Goru Formation flowed 15.2 Million Cubic Feet per Day (MMSCFD) of gas along with condensate of 321 Barrels per Day (BPD) at a Flowing Wellhead Pressure (FWHP) of 3,061 psig on a 32/64″ choke.
READ MORE: OGDCL announces gas discovery at Sial-1 Well in Sindh
This discovery will add hydrocarbon reserves of PPL and joint venture partners, contribute in reducing the energy demand and supply gap in the country, and will save significant foreign exchange for the country through indigenous hydrocarbon production
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PPL announces Rs31.14 billion half year profit
KARACHI: Pakistan Petroleum Limited (PPL) on Friday announced financial results for the half year ended December 31, 2021. The company announced Rs31.14 billion as net profit for the half year.
The net profit of the company grew by over 19 per cent when compared with Rs26.11 billion in the same half of the last year.
Pakistan Petroleum Limited is a Pakistani state-owned petroleum company. The company announced earnings per share at Rs11.44 for the half year ended December 31, 2021 as compared with Rs9.59 in the same period of the last year.
READ MORE: PPL gets license for large scale mining of Lead, Zinc
The board of directors of the company at its meeting held on February 25, 2022 approved the financial statements for the half year ended December 31, 2021.
The board of directors approved an interim cash dividend for the year ending June 30, 2022 of Rs1.50 per share on ordinary shares and Rs1.5 per share on convertible preference shares. The dividend will be distributed to those members whose names appear in the register of members of the company as at the close of business on March 10, 2022.
READ MORE: PPL posts 18% net profit growth in first quarter
According to the financial results, the revenue of the company increased to Rs90.42 billion for the half year ended December 31, 2021 as compared with Rs75.81 billion in the same half of the preceding year.
Operating expenses of the company eased to Rs19.96 billion when compared with Rs22.18 billion.
Exploration expenses during the half ended December 31, 2021 increased sharply to Rs9.04 billion as compared with Rs3.27 billion in the same half of the last year.
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PPL gets license for large scale mining of Lead, Zinc
KARACHI: The government of Balochistan province has granted Pakistan Petroleum Limited (PPL) for large scale mining of Lead and Zinc, according to a communication received by Pakistan Stock Exchange (PSX) on Monday.
READ MORE: Pakistan Petroleum discovers hydrocarbons in Sindh
The PPL said that company had been granted a large scale mining lease for Lead and Zinc, in District Khuzdar, by the government of Balochistan and in this regard a large scale mining Lease Deed had been executed, for large scale mining and establishment of Lead-Zinc processing plant in district Khuzdar, Balochistan over an area covering 30 square kilometers (7,413.16 acres).
READ MORE: PPL posts 18% net profit growth in first quarter
The company said that the lease is valid for a term of thirty (30) years and shall be operated by Bolan Mining Enterprises, a 50:50 Joint Venture between PPL and the provincial government.
The estimated reserves of barite, lead and zinc are 69 million tons as per bankable feasibility by a renowned German Consultant, over a portion of the leased area.
READ MORE: PPL commences commercial gas production from Shah Bandar Block
The project would entail open pit mining with an ore beneficiation / process plant.
Positive cashflows are expected from year 3 while the estimated project life is 32 years.