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Tag: Pakistan Petroleum Limited

  • PPL posts 18% net profit growth in first quarter

    PPL posts 18% net profit growth in first quarter

    KARACHI: Pakistan Petroleum Limited (PPL) has announced 18 per cent growth in net profit of the first quarter ended September 30, 2021.

    The company announced profit after tax of Rs16.86 billion during the first quarter (July – September) of the current fiscal year as compared with Rs14.32 billion in the corresponding period of the last fiscal year.

    PPL announced earnings per share at Rs6.2 for the quarter under review as compared with Rs5.26 EPS in the same quarter of the last year.

    The board of directors of the company at its meeting held on Monday approved the unconsolidated and consolidated financial statements for the first quarter ended September 30, 2021.

    The company declared revenue growth to Rs43.59 billion during the first quarter of the current fiscal year as compared with Rs39.32 billion in the same quarter of the last fiscal year.

    Operating expenses of the company also grew to Rs10.43 billion as compared with Rs9.4 billion.

    Under the head of royalties and other levies, the company paid an amount of Rs6.43 billion during the first quarter of the current fiscal year as compared with Rs5.95 billion in the same period of the last year.

    The exploration expenses of the company increased to Rs4.86 billion during the quarter of July – September 2021 as compared with 2.29 billion in the same period of the last year.

    Pakistan Petroleum discovers hydrocarbons in Sindh
  • ITMinds, PPL sign deal for accounting services

    ITMinds, PPL sign deal for accounting services

    KARACHI: Pakistan Petroleum Limited (PPL) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services for PPL’s Retirement Funds.

    This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL, a statement said on Monday.

    Through this arrangement, ITMinds will facilitate PPL for the accounting and administration of PPL’s Retirement Funds, including Pension, Provident and Gratuity funds, allowing PPL to focus on its investment decisions by leveraging ITMinds’ state of the art back office system and IT infrastructure while reaping the benefits of economies of scale.

    Commenting on the occasion, Syed Rahat Hussain Naqvi, Senior Manager Finance-PPL, emphasized the importance of automation of back-office services for retirement funds for both process improvement as well as cost optimisation. He further appreciated how this arrangement with ITMinds in the last three years has helped to provide uninterrupted services, especially during the pandemic induced circumstances.

    Also commenting on the occasion, Iqleem-uz-Zaman Khan, CEO – ITMinds, said that considering this is an era of specialization, ITMinds’ BPO services of fund accounting and administration enable companies to outsource their back office functions to a competent and reliable BPO partner while achieving efficiency, scalability and transparency of processes.

    The event was also attended by, Shariq Jafrani CFO-CDC, Waqas Ashraf CFO- ITMinds, Muneer Hussain Manager Shared Services-PPL, M. Tarique Sheikh Senior Accountant-PPL and Salman Iqbal, Manager- ITMinds.

    ITMinds, InfraZamin sign pact for back-office services
  • Pakistan Petroleum discovers hydrocarbons in Sindh

    Pakistan Petroleum discovers hydrocarbons in Sindh

    KARACHI: Pakistan Petroleum Limited (PPL) on Thursday announced the discovery of hydrocarbons in Sindh province.

    In a communication sent to Pakistan Stock Exchange (PSX), the company announced the hydrocarbon discovery from the exploratory well, Jugan-1, in the Latif Block which is situated in the Province of Sindh.

    The company holds a 33.30 per cent working interest; Eni Pakistan Limited holds 33.30 per cent and UEPL, which is Operator of the Block, holds 33.40 per cent working interest in the Block.

    The well was drilled and tested using the operator’s internal expertise and in consultation with the Block’s joint ventures partners.

    The well was drilled to a depth of 11,350 ft. with a reservoir target as Lower Goru Sands. After completion of well, B sand zone (11,122-11,132 ft KB) was perforated which flowed 12.6 MMscfd (million standard cubic feet per day) of gas at FWHP (wellhead flowing pressure) of 3063 psig (pounds per square inch) at 28/64” choke size. Followed by B Sand testing, C sand zone (10,300’KB – 10,310’ KB) was also perforated which flowed 13.7 MMscfd (million standard cubic feet per day) of gas at FWHP (wellhead flowing pressure) of 3323 psig (pounds per square inch) at 28/64” choke size.

    The discovery is the result of an aggressive exploration strategy adopted by the joint venture partners, leading to new opportunities.

    The discovery will contribute in improving the energy security of the country from indigenous resources and it will also increase the hydrocarbon reserves of the joint venture partners and the country.

    OGDCL discovers gas reserves in Khyber Pakhtunkhwa
  • PPL commences commercial gas production from Shah Bandar Block

    PPL commences commercial gas production from Shah Bandar Block

    KARACHI: Pakistan Petroleum Limited (PPL) on Tuesday announced start of commercial gas production from a block located in the province of Sindh.

    PPL, the operator of the Block 246-16 (Shah Bandar), announced the commencement of commercial gas production from Benari Development & Production Lease (Benari D&PL) in Shah Bandar Block with effect from May 03, 2021.

    The block is located in district Thatta and Sujawal, Sindh and lies in the southernmost part of the lower Indus basin.

    PPL had announced discovery of gas from this block on December 08, 2018.

    Benami X-1 well in Benari D&PL is the first exploratory well drilled in Shah Bandar block which is operated by PPL with 63 percent working interest along with its joint venture partners, Mari Petroleum Company Limited (MPCL) having 32 percent working interest, Sindh Energy Holding Company Limited (SEHCL) and Government Holding Private Limited (GHPL) with 2.5 percent working interest each.

    Shah Bandar Joint Venture decided to process gas from Benamri D&PL at MPCL’s operated Sujawar Gas Processing Facility for onward injection in to SSGC network.

    The expected gas production from the field is round 9 MMSCFD. “This arrangement has resulted in early commercialization of gas from Benari D&PL, which will add additional hydrocarbons enabling the energy sector to reduce the demand and supply gap of natural gas in the country.”

  • PPL declares decline in net profit to Rs38.12 billion during nine months

    PPL declares decline in net profit to Rs38.12 billion during nine months

    KARACHI: Pakistan Petroleum Limited (PPL) on Thursday declared decline in net profit to Rs38.12 billion for the nine-month period ended March 31, 2021.

    According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX), the petroleum company declared Rs38.12 billion during first nine months (July – March) 2020/2021 as compared with Rs39.23 billion in the corresponding period of the last fiscal year.

    Revenue of the company fell to Rs112.23 billion during the period under review as compared with the revenue of Rs126.23 billion in the same period of the last fiscal year.

    Operating expenses of PPL also eased to Rs32.45 billion during the nine-month period ended March 31, 2021 as compared with Rs33.04 billion in the same period of the last fiscal year.

    The company paid royalties and other levies to the tune of Rs16.67 billion during first nine months of the current fiscal year as compared with Rs18.88 billion in the corresponding period of the last fiscal year.

    Exploration expenses fell drastically during the period under review. The expenses under this head fell to Rs3.62 billion during July – March 2020/2021 as compared with Rs13.76 billion in the same period of the last fiscal year.

    The net profit of the company for the quarter ended March 31, 2021 also fell to Rs11.88 billion when compared with Rs14.67 billion in the same quarter of the last year.

  • PPL declares 18pc decline in gross profit in first half

    PPL declares 18pc decline in gross profit in first half

    KARACHI: Pakistan Petroleum Limited (PPL) on Friday declared 18 percent decline in its gross profit for the period July – December 2020.

    However, drastic reduction in exploration expenses and other charges the net profit (after payment of tax) of the company managed to post a growth of 7 percent for the period.

    The company declared Rs42.2 billion as gross profit for the first half of 2020/2021 as compared with Rs51.39 billion in the corresponding half of the last fiscal year.

    The major fall in gross profit may be attributed to revenue which fell to Rs75.54 billion for the six month period ended December 31, 2020 as compared with Rs85.41 billion in the same period of the last fiscal year.

    The company declared profit after tax of Rs26.27 billion for the first half of the current fiscal year as compared with Rs24.55 billion in the same period of the last fiscal year.

    The growth in after tax profit can be attributed to drastic reduction in expenses of the company.

    The cost of exploration has been reduced to Rs3.146 billion during the first half of the current fiscal year as compared with Rs11.74 billion in the corresponding period of the last fiscal year.

    The cost of other charges also fell to Rs3.88 billion for the half under review as compared with Rs7.32 billion in the corresponding half of the last fiscal year.

    PPL announced earnings per share at Rs9.64 for the first half ended December 31, 2020 as compared with Rs9.02 EPS declared in the same half of the last year.

  • Pakistan Petroleum declares 21% decline in half year profit

    Pakistan Petroleum declares 21% decline in half year profit

    KARACHI: Pakistan Petroleum Limited (PPL) has announced 21 percent decline in after tax profit for half-year period ended on December 31, 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Tuesday, the company declared net profit of Rs24.55 billion for the half year ended December 31, 2019 as compared with Rs31.04 billion in the same half of the last year.

    The company declared earnings per share of Rs9.02 for half year ended December 31, 2019 as compared with Rs11.41 in the corresponding period of the last year.

    The decline in profit has been mainly attributed to higher operating expenses and higher exploration expenses.

    The operating expenses of the company increased to Rs21.34 billion for the period under review as compared with Rs19.45 billion in the half-year period ended December 31, 2018.

    Similarly, exploration expenses grew to Rs11.74 billion for the half-year period ended December 31, 2019 as compared with Rs7.99 billion in the corresponding half of the last year.

    The company declared decline of profit by 39 percent to Rs10.31 billion for quarter ended December 31, 2019 as compared with Rs16.85 billion in the same quarter of the last year.

    Analysts at Topline Securities said that PPL’s reported lower than expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher than expected exploration expenses. Increase of 106 percent was seen YoY while on quarterly basis they increased by a massive 197 percent.

    PPL’s revenue grew by 7 percent YoY in 2QFY20, despite a decline of 3 percent in oil production and a 12 percent decline in gas production, the analysts said.

    Oil prices for the period didn’t fare well either declining 6 percent YoY for 2QFY20. The favorable exchange rate movement YoY was enough to post growth for the period under review YoY.

  • PPL announces major discoveries of hydrocarbons in Sindh, Balochistan

    PPL announces major discoveries of hydrocarbons in Sindh, Balochistan

    KARACHI: Pakistan Petroleum Limited (PPL) has announced major discoveries of hydrocarbons in Sindh and Blochistan, according to notifications received by Pakistan Stock Exchange (PSX) on Monday.

    In the first notice, the PPL disclosed a hydrocarbon discovery in exploratory well, Bitro-I in Latif Block located in Kharipur District, Sindh, by the joint venture partners of the Latif Exploratory License, namely the company which holds a 33.30 percent working interest there in, ENI Pakistan (M) Limited which holds a 33.30 percent working interest there in, and United Energy Pakistan Limited, which holds a 33.40 percent working interest there in and is also the operator of the Block.

    The PPL said that the well was spud on October 6, 2019 to test the hydrocarbon potential of B and Intra B sands of the Lower Goru Formation, as primary and secondary objectives, respectively. The well was successfully drilled to a depth of 11,854 ft. Based on the wireline logs and the drilling results, a Modular Dynamics Testing was done against the promising zone in the B and Intra B sands.

    Upon the completion of the well, B sand zone was perforated, which flowed 28.6 million standard cubic feet per day of gas with 152 barrels per day (condensed) water at a flowing well head pressure of 3,116 pounds per square inch at 44/64” choke size.

    In another notice, the PPLC disclosed that the company had made a hydrocarbon discovery in the first exploratory well, Margand X-I in Margand Block, Blochistan, that is operated by the company which holds 100 percent working interest there in.

    The well was spud on June 30, 2019 to a measured dept of 4,500 meters inside Chiltan Limestone. Based on the wireline logs, Modular Dynamics Testing was done which proved the presence of hydrocarbons.

    Accordingly, a Drill Stem Test was done in the Chiltan Limestone, during which the well flowed a maximum 10.7 million cubic feet per day of gas at 64/64 inches choke size at a flowing well head pressure of around 516 pounds per square inch with 132 barrels per day liquid. The nature of the liquid is being investigated. However, the well has the potential to flow at higher rates after an acid stimulation job.

    The company said that it was the first gas discovery in the Kalat Plateau and it had opened a new sub-basin for further hydrocarbon exploration.

    The discovery is the result of Company’s aggressive strategy of exploration of the frontier basins in order to open new avenues for hydrocarbons exploration and production in the province of Balochistan.

    The discovery will add to the company’s hydrocarbon reserves and will contribute in reducing the gap between the supply and demand of oil and gas in the country through exploitation of indigenous resources.

  • PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

    PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

    KARACHI: Pakistan Petroleum Limited (PPL) has posted the highest-ever Rs61.6 billion after tax profit with a record number of 11 discoveries during financial year ended June 30, 2019.

    This was disclosed at the 68th Annual General Meeting of PPL that was held on Monday.

    Members approved financial statement for the fiscal year ended June 30, 2019 together with auditor’s report.

    Final Cash Dividend of 20 percent on ordinary and convertible preference shares besides 20 percent bonus shares to ordinary shareholders and 10 percent to convertible preference shareholders was also approved.

    Shamsul Islam, Chairman, BOD presided over the proceedings and shared that PPL continued to strengthen its position as a leading oil and gas company and created healthy returns for all stakeholders.

    Moin Raza, Managing Director and Chief Executive Officer of the company highlighted PPL’s progress during 2019/2019, and said that the most significant was the highest ever profit after tax of Rs61.6 billion along with a record number of 11 discoveries in a year in company and partner-operated assets.

    The company also drilled the first ever international exploratory well, Madain – I, in operated Block 8, Iraq, a first for a national company.

    Focusing on key operational highlights, Khan mentioned drilling of 30 exploratory and development wells, including Kekra-1 in partner-operated offshore Indus G Block which encountered excellent quality reservoir but was aborted due to difficulty in locating hydrocarbons.

    He also shared ongoing efforts for expanding the company’s exploration portfolio through farm in/out and acquisition of two new blocks at the recent bidding round, making a total of 47 blocks.

    The company continued development activities to optimize production from existing fields that led to an average production of 977 MMscfde in 2018/2019. In this, he also mentioned commissioning of GPF-IV during phase I at Gambat South and Nashpa LPG plant as well as the highest-ever production of 228,310 tons barites from Bolan Mining Enterprises.

  • Pakistan’s oil, gas reserves witness increase

    Pakistan’s oil, gas reserves witness increase

    KARACHI: Pakistan’s oil and gas reserves have witnessed increase by 7 percent and 1.4 percent, respectively, according to analysts at Topline Research.

    The analysts on Thursday said that Pakistan Petroleum Information Services (PPIS) had reported oil and gas reserves for Jun 2019, whereby few major fields of Tal block (operated by MOL Pakistan) have witnessed an upward adjustment in which Pakistan Oil Fields (POL), Pakistan Petroleum Limited (PPL) and Oil and Gas development (OGDC) have working interest of 21 percent, 28 percent and 28 percent respectively.

    Overall oil reserves of the country are up by 7 percent (excluding PEL reserves) to 286 million barrels (10 years) mainly on back of upward adjustment in fields of Tal block and Adhi.

    Maramzai and Mardankhel fields (belongs to Tal Block) have seen increase of 42 percent and 89 percent respectively in their recoverable oil reserves. Increase in reserves have extended fields life by 1-3 years, as per estimates.

    Adhi South reserves are also separately reported, whereby overall Adhi field oil reserves are up 70 percent to 25.9 million barrels. Field life due to incremental reserves is up by around 3 years.

    Gas reserves of the country are up by meagre 1 percent to 21tcf (15 years). Field wise, reserves from Adhi, Marmazai, Mardankhel, Makori East, and Manzalai are increased by 12-132 percent. These incremental reserves will help companies to continue their production for 1-3 years more.