ECC removes Mari’s dividend cap
Move aimed at selling 18.4% stake in company
Provinces suffer loss of surcharge after cancellation of Mari Petroleum agreement. PHOTO: FILE ISLAMABAD:
The federal government on Wednesday allowed Mari Petroleum Company Limited to fully distribute its dividend among shareholders - three years ahead of schedule - aimed at selling its remaining 18.4% stake to either existing shareholders or through the stock exchange.
The Economic Coordination Committee (ECC) agreed that the dividend distribution cap may be removed to ensure that the divestment transaction generated optimum sale proceeds for the government, according to the Ministry of Finance.
It added that the Petroleum Division had moved a summary for the removal of dividend distribution cap on Mari Petroleum under the gas pricing agreement, as the company was being considered for privatisation.
MPCL awarded 4 new exploration blocks
Business
January 28, 2021
KARACHI: The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to Mari Petroleum Company Limited (MPCL) in the latest block bidding round, the company announced on Wednesday.
MPCL has been awarded two blocks as the operator and two as the joint venture partner with other local companies.
The blocks have been awarded after competitive bidding based on work units committed by different E&P companies, in the Block Bidding Round 2020 arranged by the government.
MPCL will hold 39 percent working interest as the operator with partners Pakistan Oilfields Limited (POL) having 32 percent and Spud Energy having a 29 percent stake in Nareli Block in Balochistan.
Govt awards 15 new blocks to local firms
Aims to reduce country’s heavy reliance on import of energy
PHOTO: REUTERS
The government has provisionally awarded 15 new blocks to four local oil and gas exploration companies to find new hydrocarbon deposits nationwide and reduce Pakistan’s heavy reliance on import of energy.
The state-owned Oil and Gas Development Company Limited (OGDC) won 10 blocks out of the 15 awarded through competitive bidding by the government, Mari Petroleum Company Limited (MPCL) and OKTL E&P acquired two blocks each while Pakistan Oilfield Limited (POL) secured one block, an official of the Ministry of Energy (Petroleum Division) told The Express Tribune on Wednesday.
Mari Petroleum Wins Bids for Four New Exploration Blocks
The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to the Mari Petroleum Company Limited (MPCL).
The DGPC took this decision in the latest block bidding round after competitive bidding based on work units had been submitted by different exploration and production (E&P) companies.
The company announced on Wednesday that two of these blocks have been awarded to the company as the operator, while the other two have been awarded as a joint venture partner with other local companies.
ALSO READ
The MPCL will hold 39 percent working interest as the operator, and the partner companies – Pakistan Oilfields Limited (POL) and Spud Energy – will have 32 percent and 29 percent stakes respectively in Nareli Block in Balochistan.
The meeting of the Economic Coordination Committee (ECC) of the Cabinet scheduled for Thursday (January 28) will take up the proposal of the Ministry of Petroleum for review of the oil marketing companies (OMCs) and dealers margins on petroleum products.
Sources told Propakistani that the ECC meeting would discuss the summary of the Ministry of Interior on the technical supplementary grant for the surrendered amount of Rs. 42 million by the Ministry of National Food Security and Research under the National ‘Program for Enhancing Command Areas in Barani Areas Project (ICT Component).
The ECC is expected to discuss the Petroleum Division summary for allocation of gas from Mari Petroleum Company Limited (MPCL’s) wells to Sui Southern Gas Company Limited (SSGCL) under commercial production and also review of the Oil Marketing Companies (OMCs) and Dealers margins on petroleum products.