Oil and Gas

Sachal Gas Processing Complex to add 150mmcfd to national grid

Karachi, June 24, 2022: The last phase of Sachal Gas Processing Complex by Mari Petroleum Company Ltd. is to be completed in the first quarter of the Financial Year 2023 which will add 150mmcfd to the national grid under an investment plan of $250 million.

The said project was commissioned during 3rd Quarter of Financial Year 2022 and got connected to SNGP’s network.

Financial Results

The company has reported 3QFY22 earnings at Rs81.63/share, up 57%/46% YoY/QoQ, respectively, over higher sales and better pricing.

This has taken 9MFY22 earnings to Rs 205.84/share, up 18% YoY. The company has so far announced a dividend of Rs62/share during 9MFY22.

Bannu West discovery

After being awarded four new exploration blocks in the bidding round in FY21, the company has been awarded five new blocks in FY22, and is currently an equal partner in Offshore Block-8 in Abu Dhabi with OGDC, PPL and GHPL.

The capex committed for Abu Dhabi exploration is so far US$300mn.

The company also announced a discovery in the Bannu West Block in North Waziristan, with a size of 25mmcfd Gas flow and 300bpd Oil flow.

As per SNGP’s latest notice, construction of the relevant pipeline is expected to be completed by FY23.

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