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Tag: Pakistan Petroleum Limited

  • Pakistan Petroleum discovers gas in Sindh

    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

  • PPL announces Rs31.14 billion half year profit

    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.

  • PPL gets license for large scale mining of Lead, Zinc

    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.

  • 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.

    (more…)
  • 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.