pakistan petrol essay
June 2004, the Government of Pakistan disinvested around 15% of its equity in the company through an InitialPublic Offering (IPO). The Government of Pakistan intends to privatize PPL and IPO was a significant steptowards achieving this objective. As at June 2008, the government of Pakistan owned 78.4% stake of PPL, theInternational Finance Corporation (IFC) had 3.43% of shareholding and the rest 18.17% is free-float.PPL is the second largest Exploration and Production (E&P) companies, both, in terms of production andreserves. PPL has been playing a crucial role in augmenting hydrocarbon resources since 1955. Presently PPLcontributes around 25% of the country's total natural gas production. It is also one of the market leaders in termsof its holdings of exploration area. Out of 242,714 sq.kms area under exploration in Pakistan, PPL holds thesecond largest share, more than 22% in joint venture with partners. PPL is aggressive in exploration but at thesame time conservative in selecting drilling sites.It has discovered eight gas and three oil fields. PPL has working interest in 24 exploration blocks, of whicheight are PPL operated and the other 14, including 4 off-shore are partner operated. Sui and Kandhkot gas fieldsare two of the major PPL operated fields where PPL has 100% ownership. In 1952 the company discovered thelargest gas reserves at Sui. Within three years (1955) the supply of natural gas to Karachi for industrial anddomestic use began through pipelines. Sui caters to about one-fifth of the total gas demand in the country. In1959, vital discoveries at Kandhkot gas field and Mazarani field were made. Crude oil was discovered at Adhifield in 1978 and in 1980 commercial production started at Adhi.In 1990, the Liquefied Petroleum Gas (LPG) and Natural Gas Liquid (NGL) Plan was installed and the production of LPG, NGL and gas from Adhi commenced. In the year 2007, PPL made oil and gas discovery atMela-1 well (Nashpa Block) and two gas discoveries at Latif-1