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MarketScreener Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pak PetroleumXDXB    PPL   PK0081801018

PAK PETROLEUMXDXB (PPL)
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Pakistan Petroleum : Oil, gas discoveries enhance in 4 months

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12/07/2018 | 10:09am CET

The oil and gas findings were enhanced in the past four months as 5,358 barrels of oil per day and 105.18 MMCFD of gas has been discovered since August 2018.

In Sindh province during August 2018, 23 mmcfd gas and 91 barrels per day oil were discovered in Sanghar by Pakistan Petroleum Limited (PPL), said the official documents.

In September another discovery of 1056 barrels per day oil in Tando Allahyar was made by United Energy Pakistan Limited (UEPL). Similarly 6.48 mmcfd gas was discovered in Ghotki by OMV Maurice in the same month.

In October, 6.3mmcfd of gas was discovered by UEPL in Tando Mohammad Khan and 9.5mmcfd was discovered in same month in Tando Allahyar.

In December 2018, PPL made two discoveries in Sindh province that include gas of 18.6 mmcfd and 160 barrels per day of oil in Sanghar and another discovery of 9mmcfd of gas was made in Sajawal. In Badin, crude oil discovery of 1661 barrels per day was made on 3 December 2018 by UEPL. On 29th October, another discovery of 31mmcfd of gas was made in Sindh by same company.

In KP province, in September 2018, crude oil of 550 barrels per day and 1.3 mmcfd of gas was discovered in Kohat by OGDCL. Another discovery was also made in same province with 27 barrels per day of oil by Pakistan Oilfields Limited (POL).

In Balochistan, 1500 barrels per day of crude oil was discovered in Ziarat block of Kachi district in September 2018 by Mari Petroleum Company Limited (MPCL).

In Punjab, Chakwal district in September 2018, crude oil 313 barrels per day was discovered by PPL.

Besides, the government is also considering the inclusion of KP and Baluchistan representatives into the board of Directors of SNGPL, OGDCL and other stateowned oil and gas companies. Currently the SNGPL which is catering Punjab and KP, but on its board of directors (BoD) has no representation from KP. Similarly on the BOD of OGDCL and other companies Punjab and Sindh have representation but KP and Balochistan have been deprived. The Ministry of Energy (Petroleum Division) in a letter has asked the CMs of provinces to send their nominations for the BODs of the stateowned companies.

To meet the demand of the domestic consumers, the government is planning for mixing local gas and imported RLNG in the system. The Ministry of Energy (Petroleum Division) would take this proposal to the Cabinet for approval.

After that the government would also revise the gas pricing, as the RLNG is costlier than the system gas.

The Federal Cabinet on Thursday approved Rs25.75 billion as supplementary grant to provide subsidised RNLG to zero-rated export-oriented industry and also for their captive plants.

The Economic Coordination Committee (ECC) of the Cabinet in September 2018 had decided that revision of mixing RLNG and domestic gas from 28 percent of system gas and 72 percent RLNG to 50-50 ratio for the five zero-rated industries including textile (including jute) carpets, leather, sports and surgical goods.

© Pakistan Press International, source Asianet-Pakistan

Stocks mentioned in the article
ChangeLast1st jan.
PAK OILFIELDSXDXB -2.79% 471.99 End-of-day quote.-4.16%
PAK PETROLEUMXDXB -3.10% 166.58 End-of-day quote.-6.56%
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Financials (PKR)
Sales 2019 134 B
EBIT 2019 -
Net income 2019 46 804 M
Debt 2019 -
Yield 2019 6,82%
P/E ratio 2019 6,58
P/E ratio 2020 6,40
Capi. / Sales 2019 2,75x
Capi. / Sales 2020 2,43x
Capitalization 368 B
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 201  PKR
Spread / Average Target 23%
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NameTitle
Saeed Ullah Shah Chief Executive Officer, MD & 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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