Mari Company

Topics: Financial ratio, Asset turnover, Financial ratios Pages: 13 (3084 words) Published: June 18, 2013
Mari petroleum company limited

Introduction

Mari Petroleum Company Limited is one of Pakistan’s largest E&P Company operating the country’s 2nd largest gas reservoir at Mari Field, District Ghotki, Sindh. The Shares of the Company are quoted on all the Stock Exchanges of Pakistan. The Company is primarily engaged in Exploration, development and Production of hydrocarbon potentials (Natural gas, Crude oil, Condensate & LPG) in the country. MPCL is also exploring opportunities of expanding its business to become a player in the International hydrocarbon Market.

We focus on perfecting our start by improving field service efficiencies, containing operating costs, and by making the most of the resources available to us. We strive for a winning finish by promoting energy conservation, practicing social responsibility, exploiting new energy resources, and above all creating value for our stakeholders.

In the challenging business environment of today the source of MPCL's strength and inspiration for future success has been our human capital. At MPCL we foster value-based HR processes and practices for development of our human capital and organizational capabilities which has helped us in achieving competitive edge by realizing personal visions in conjunction with our corporate vision.

Vision

Be the leader in the oil and gas market in Pakistan by expanding and developing the petroleum value chain including exploration, production, transmission, extraction, processing, distribution and marketing such processes, products and services in order to bridge the gap of the increasing demand of petroleum products and the needs of the existing and potential customers.

Mission

Mari Petroleum Company Limited will be customer focused and competitive with a view to contributing substantially to the national economy, while ensuring continuous growth and viability of the Company and the payment of profitable dividends to the stakeholders. Our commitment:-

 
* Providing uninterrupted petroleum products supply to customers.  
* Maintaining best and safe operational practices.
 
* Adopting advanced technology, cost effective/ efficient operations, increasing operating efficiency and adherence to high environmental standards.  
* Exploring and enhancing the potential of our human resources. * Aligning the interests of our shareholders, human resources, customers and other stakeholders to create significant business value characterized by excellent financial results, outstanding professional accomplishments and superior performance.

History

In 1957 when the Company was operating as Esso Eastern Inc., Mari Gas Field was discovered in Daharki, Sindh, Pakistan with original gas in place (GIIP) estimate of 2.38 TCF. Over the years with the phased development of the Field and the subsequent reservoir evaluations, the GIIP of the Field enhanced to 10.751TCF, thus making Mari one of the largest gas field in Pakistan in terms of balance reserves.

In May 1983 Fauji Foundation, a major Pakistani group, along with OGDCL and GOP acquired the entire business operations of Esso Eastern Inc. in Pakistan which comprised the Mari Gas Field.

During December 1984, the business was reorganized and incorporated as Mari Gas Company Limited (MGCL) which took over the assets, liabilities and operational control of Mari Gas Field. MPCL primarily operated as a production company till 1997, developing the discovered Habib Rahi Reservoir in phases for supply of gas to the new fertilizer plants. Simultaneous with these development phases, the Company also pursued appraisal activities within its Mari D&P Lease by drilling stepout wells to determine the boundaries of Habib Rahi Reservoir.

The hallmark of MPCL’s growth and expansion is also represented by its entry into exploration activities in year 2001, on its initiative and with Government’s approval.

In its exploration segment, MPCL is operating total seven...
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