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Pakistan Petroleum Limited

Pakistan Petroleum Limited

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Published by: muazzamjani101 on Aug 16, 2009
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Mission Statement
Our mission is to optimize hydrocarbon production and pursue an aggressive exploration programme inthe most efficient manner on the local as well as international horizons through a team of professionalsutilizing the latest developments in the exploration and production technology and maintaining thehighest standards of health, safety and environment
Pakistan Petroleum Limited (PPL)
Pakistan Petroleum Limited (PPL) is one of the pioneer exploration and production (E&P) companies inPakistan oil and gas sector. On behalf of the Government of Pakistan (GoP), the Privatisation Commission(PC) is proceeding with a strategic sale of 51% shareholding in PPL along with transfer of managementcontrol.Merrill Lynch International and KASB Securities (Pvt.) Ltd. (KASB) have been appointed as the FinancialAdvisor (FA) for the strategic sale. In July 2004, the GoP successfully concluded an offer for sale and initialpublic offering of 15% shares of PPL on the domestic stock exchanges.The PC invited Expressions of Interests (“EOIs”) from interested parties on February 17, 2005. The Partiessubmitting EOIs were requested to submit and Statements of Qualifications (“SoQs”) by April 30, 2005whereby eleven parties submitted SoQs to the Privatisation Commission. Six parties were pre-qualified to
continue to the next stage of the privatisation process. As of August 2006 three pre-qualified parties wereready to proceed for the bidding. However, the privatisation process is being reviewed in the light of theSupreme Court's judgment in the Pakistan Steel Mills case.
Company Overview
PPL was incorporated in June 1950 with the Burmah Oil Company (renamed Burmah Castrol) and GoP as its principalshareholders.After more than 50 years of successful operations PPL continues to be a prominent E&P player in Pakistan with:
Sui, Pakistan’s oldest and largest gas field
discovered and operated by PPL,contributing 25% of Pakistan’s gas production;Remaining proven plus probable (2P) reserves of 6.9 tcf gas
and 39.6 mmstboil/NGL) as of June 30 2005;Average FY2005
production of 948 MMcfd of natural gas and 1,759 bbld of crudeoil/NGL;FY2005 revenues of PKR 23,294 million (US$ 388 million) and
profit after tax of PKR 8,623 million (US$ 144 million); 
Significant portfolio of non-operated assets, including Qadirpur, Sawan and Miano,Block-22 and Tal;Strong exploration track record and
prospective exploration portfolio, andReplacement of PPL’s 1982 Gas
Price Agreement (GPA) with the 2002 GPA allowinggas price increases under a phased 5-year program starting July 2002.
Company History
PPL was incorporated on June 5, 1950 whereby the company inherited the assets and liabilities of the Burmah OilCompany Limited and commenced operations on July 1, 1952. At the time of incorporation, the Burmah Oil Companyheld the majority stake of 70% with GoP accounting for 30% stake and the balance held by private Pakistanishareholders. Burmah Oil divested 6% of its shares to the International Finance Corporation (IFC) in 1982, whereas in1997 it sold the remaining shareholding to the GoP.In July 2004, the Government successfully concluded a 15% offer for sale and IPO of the company on the domesticstock exchanges at PKR 55 per share. The basic issue was for 10% shares with a green-shoe option of another 5% andthe entire issue was 3.7 times oversubscribed. The current shareholders of PPL are the Government of Pakistan(78.35%), International Finance Corporation (6.09%) and institutional and individual investors (15.56%).
The Company’s holds operatorship of major oil and gas fields including Sui, Kandhkot,Adhi and Mazarani, while its non-operated portfolio includes interests in the Qadirpur,Miano, Sawan and Tal fields. The Company’s exploration portfolio includes operated andnon-operated joint ventures in 10 onshore blocks and 2 offshore blocks.PPL holds joint ownership with the Government of Balochistan in Bolan MiningEnterprises (BME), which is involved in the business of mining exploratory well-drillinggrade barite powder. BME is the operator of the Gunga barytes mine in Baluchistan.Share of profit in BME at year end June 30, 2005 was PKR 29.263 million.PPL’s head office is located in Karachi. The company’s total staff strength is about 2,536employees including 640 management staff and 1,896 non-management staff.
Reserves and Production
The proven plus probable remaining recoverable reserves (2P) of PPL operated and non-operated interests as of June 30, 2005 were 6.9 trillion cubic feet of gas and 39.6 millionstandard barrels of oil/NGL. For the FY 2005, PPLs average production was 948 mmcf/dgas and 1,759 bbl/d oil. The company’s share in average production from its operated andnon-operated joint venture fields are as follows:
PPL Production
FY 2003FY 2004FY 200
Oil/NGL (
barrels per day 
)1,3531,6971,759Natural Gas (
million cubic feet per day 
Financial Data
PPL has an authorized share capital of Rs. 10 billion. The issued, subscribed and paid-upcapital is Rs. 6,860 million (686 million shares issued at a par value of PKR 10). The keyfinancial highlights of PPL are given below.
PPL Financial Data
(PKR mln)
FY 2003FY 2004FY 200
Sales less Government levies
Operating Costs
Profit before taxation
Profit after taxation
4,190.45 6,617.40 8,623.152
Total Assets
Shareholder's Equity
Total Liabilities
Source: PPL Audited accounts for FY 2005  
Key Contacts
Mr. Shahid Akba
ConsultantMinistry of Privatisation5-A, Constitution AvenueIslamabad, PakistanPhone: (92-51) 9203881Fax: (92-51) 9203076E-mail: shahid@privatisation.gov.pk 
Mr. S. Munsif Raza
Chief Executive / Managing DirectoPakistan Petroleum LimitedPIDC House, Dr. Ziauddin Ahmed Road, Karachi,PakistanPhone: (92-21) 5681391-5Fax: (92-21) 5680005 
Mr. Scott Lewis
Director, Investment BankingMerrill Lynch InternationalMerrill Lynch Financial Centre2 King Edward StreeEC1A 1HQ LondonPhone: +44 2079 953 838Fax: +44 2079 950 942E-mail: scott_lewis@ml.com 
Mr. Farid Masood
Head, Investment BankingKASB Bank Ltd.Business & Finance CentreFirst Floor, I.I. Chundrigar RoadKarachi PakistanPhone: (92-21) 2631770Fax: (92-21) 2211853E-mail: farid.m@kasb.com
Dramatic Savings and Efficiencies Delivered By Improvingthe Procurement and Sourcing Processes

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