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MarketScreener Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pakistan Petroleum Ltd.    PPL   PK0081801018

PAKISTAN PETROLEUM LTD.

(PPL)
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Kekra-1: proactive role of PPL, OGDCL

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05/28/2019 | 06:35am EDT

Apropos the opinion piece 'Do we need foreign companies to explore oil' appearing in these columns, the Pakistan Petroleum Limited (PPL) offers some clarifications for the benefit of readers.

Contrary to the impression given by the writer, the PPL and the Oil and Gas Development Company Limited (OGDCL) played a proactive role in the deep offshore well Kekra-1 as per the Joint Operating Agreement under Production Sharing Agreement and best practices of the E and P industry. As such, both state-owned companies followed a thorough due diligence and decision-making process, with priority given to organisational and national interest.

Despite the fact that Kekra-1 was a challenging deep offshore well, operator ENI along with joint venture partners PPL, OGDCL and Exxon Mobil drilled it successfully. That said, pressure gradient data confirmed the presence of a water-bearing reservoir so there is no question of oil- and gas water separation as suggested by the writer.

Foreign companies have been operating in Pakistan for many decades and producing hydrocarbons under rigorous monitoring of the Directorate General of Petroleum Concessions, Ministry of Energy which has led to successful balancing of influence versus contributions by foreign operators.

Moreover, Pakistan does not possess the technology for deep offshore drilling which is cutting- edge and capital-intensive and so the two state-owned companies cannot undertake this challenging task without foreign participation.

In sum, the era of cheap oil and gas and easy discoveries is over, and high-risk frontier areas must be explored for which foreign investment and specialised technology transfer through foreign operators is not only preferable but mandatory.

© Pakistan Press International, source Asianet-Pakistan

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Financials (PKR)
Sales 2019 164 B
EBIT 2019 82 051 M
Net income 2019 59 892 M
Debt 2019 -
Yield 2019 7,41%
P/E ratio 2019 4,98x
P/E ratio 2020 4,96x
Capi. / Sales2019 1,86x
Capi. / Sales2020 1,69x
Capitalization 306 B
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 202,28  PKR
Last Close Price 134,88  PKR
Spread / Highest target 68,2%
Spread / Average Target 50,0%
Spread / Lowest Target 33,5%
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NameTitle
Moin Raza Khan Chief Executive Officer & Managing Director
Salman Akhtar Chairman
Syed Ehtesham Ahmad Chief Financial Officer
Mohammad Ahmed Kauser General Manager-Information Technology
Muhammad Sajid Farooqi Independent Non-Executive Director
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