Key
takeaways from the briefing:
MARI has the second highest reserve base in Pakistan, with
2P and 2C reserves currently at 816mmboe, boasting a reserve life of 17 years.
MARI reported production of approximately 30mmboe during
9MFY25. However, output continues to face headwinds due to gas curtailment
stemming from pipeline bottlenecks, a challenge likely to intensify as more gas
based captive power plants transition to the national grid. Management is
actively engaging with the government to address and resolve the issue.
Update
on Waziristan Block:
Production from the Shewa field commenced on March 23, 2025,
and is currently yielding around 50mmcfd of gas and 450bpd of oil. However,
these figures remain significantly below the tested flow rates of 70mmcfd of
gas and 700bpd of oil, primarily due to production curtailments.
MARI has announced a major discovery at the Spinwam well in
the Waziristan Block, reporting promising hydrocarbon potential across multiple
reservoirs. The company estimates total recoverable reserves at around 799bcf
and is currently in the process of finalizing the field development plan.
Update
on Mari D&P:
MARI has drilled a total of nine wells in the Ghazij
formation, including one exploratory, four appraisal, and four development
wells—all of which have been brought online and are currently producing around
35mmcfd of gas. To complete Phase 1 of the development plan, the company intends
to drill additional development wells in FY26.
MARI made Shawal discovery in April 2024 which is producing 15mmcfd
of gas, 8bpd of oil and 290bpd of water. MARI has planned to drill appraisal
wells during FY26 and management expects to increase production to 30mmcfd of
gas and 50bpd of oil.
Management expects production from the HRL reservoir to
remain stable over the near to medium term. However, periodic fluctuations may
occur due to planned turnarounds at fertilizer plants. Regarding a potential
price revision for HRL gas, management noted that the field remains
economically viable at current rates, making a price increase unlikely from the
government’s perspective.
Update
on Offshore Block 5 – Abu Dhabi:
A Production Concession Agreement (PCA) has been signed
between PIOL, ADNOC, and SCFEA, under which ADNOC assumes operatorship of the
block with a 60% working interest, while the remaining 40% is held by PIOL.
