Pakistan Petroleum

Pakistan Petroleum Limited (PPL) (Urdu: پاکستان پیٹرولیم لمیٹڈ‎) is a Pakistani state-owned multinational petroleum company. It was incorporated on 5 June 1950,[1] when it inherited the assets and liabilities of the Burmah Oil Company Ltd. which initially holds 70% of the share with the rest mostly held by the government of Pakistan (GoP). As of June 2011, Government of Pakistan held 70.66% of the shares.

Pakistan Petroleum
TypeState sector
Public limited company
PSX: PPL
Pakistan Stock Exchange
IndustryEnergy
GenreOil and gas
Founded5 June 1950 (1950-06-05)
FounderGovernment of Pakistan
Headquarters
Karachi,
,
Pakistan
Number of locations
Nationwide
Area served
Worldwide
Key people
Hidayatullah Pirzada
(chairman)
Asim Murtaza Khan
(MD and CEO)
Ministry of Petroleum and Natural resources
(Board of Governors)
ProductsPetroleum
Natural gas
Motor fuels
Aviation fuels
ServicesService stations
RevenueRs. 102.35 billion (2013)
Rs. 50 billion (2013)
Total assetsRs. 39.838 million (2012)
Total equityRs. 370,024 million (2012)
OwnerGovernment of Pakistan
Number of employees
2,700+
Corporate staff only
SubsidiariesBolan Mining Enterprises
WebsiteOfficial website

The company is headquartered in Karachi. It operates major oil and gas fields, including the Sui gas field, has non-operating interests in other fields, and has an interest in an exploration portfolio onshore and offshore. The company's Managing Director reports to the Petroleum Secretary of Pakistan. In 1997, the old company Burmah Oil Company of the United Kingdom sold all its remaining equity in this company to the Government of Pakistan.[1]

Operations

PPL is operator and shares 100% in two fields:

  • Kandhkot gas field was hit by flood in August 2010 and one of the gas gathering mains (GGM) submerged completely and two GGMs partly. There were 25 producing wells out of which 15 were shut-in. Production from the field dropped to 70 million cubic feet per day (2.0 million cubic metres per day) at standard conditions from the peak of 195 million cu ft/d (5.5 million m3/d) of gas. Eight wells were bought into operation by September 2010. After repairs, production increased to 160 million cu ft/d (4.5 million m3/d). Two additional wells brought into operation by mid October 2010 adding 30 million cu ft/d (850 thousand m3/d) of gas thereby increased available production to 190 million cu ft/d (5.4 million m3/d). In December 2010, compression station began commercial operation to maintain contractual delivery pressure and enhance recovery ratio.
  • Sui gas field is under depletion phase, gas sales during the financial year 2010–2011 was 170.8 billion cu ft (4.84 billion m3) against 177.6 billion cu ft (5.03 billion m3) in 2009–2010. Production commenced from two development wells and a third well spud-in during the fiscal year 2010–2011. Drilling of well Sui-92U was started in March 2010. The well was drilled up to the depth of 2,128 meters in the Pab reservoir and was successfully completed as a single string producer from Sui upper limestone (SUL) in December 2010. Drilling of well Sui-89M started in January 2011 and was completed in February 2011. Sui-93M was drilled as a horizontal well using under-balanced drilling technology in the reservoir for the first time in the country to optimise field production. Well drilling started in March 2011 and completed in July 2011.

Partners operated producing fields
  • Block 2669-3 (Latif)
  • Block 2668-4 (Gambat)[1]
  • Block-2768-3 (Block-22)
  • Block 3370-3 (Tal)[2][1]
    • Manzalai field
    • Makori field
    • Mamikhel discovery
    • Maramzai discovery
    • Makori East discovery[2]
    • Tolang discovery
  • Block 3370-10 (Nashpa)[2]
  • Miano gas field[1]
  • Qadirpur gas field
  • Sawan gas field[1]

Bolan Mining Enterprises

Bolan Mining Enterprises is a joint venture on equal basis between Pakistan Petroleum and the government of Baluchistan. A grinding mill having a capacity of 50,000 tonnes per year was set up and has met almost 80% of the total barytes required by oil exportation companies operating in Pakistan. Bolan barytes are produced in accordance with the American Petroleum Institute specifications. Bolan has been authorised by API to use their 'official nomogram' on Bolan barytes.[1]

During the financial year 2010–2011, the sales of barytes was 41,316 tonnes and Bolan earned a pre-tax profit of PKR 138.864 million from barytes project Khuzdar as compared to PKR 148.800 million earned in 2009–2010. A sum of PKR 27.440 million appropriated towards reserves for development and expansion. The company's net 50% share of the profit was PKR 55.712 million during the financial period 2010–2011.[2]

Discoveries in Sindh, Balochistan

In December 2019, Pakistan Petroleum announced that it had made new discoveries of fresh oil and gas deposits in Sindh and Balochistan.[3]

References
  1. Profile of Pakistan Petroleum Limited on Business Recorder (newspaper) Published 19 February 2020, Retrieved 7 September 2020
  2. Raheel Ahmed (21 August 2013). "Pakistan Petroleum earns Rs50 billion in fiscal 2013". The Express Tribune (newspaper). Retrieved 7 September 2020.
  3. Pakistan Petroleum Limted finds fresh oil and gas deposits The Express Tribune (newspaper), Published 24 December 2019, Retrieved 7 September 2020
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.