The 67th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held here on Friday. Members approved financial statements for the fiscal year ended on June 30, 2018 together with the auditor's report as well as a final cash dividend of 15 percent on ordinary shares together with 15 percent bonus shares.
Chairman, Board of Directors Salman Akhtar presided over the proceedings and shared that PPL continues an aggressive exploration and development strategy in line with the national imperative of replenishing reserves and enhancing production. He acknowledged management and staff's efforts towards attaining company objectives.
The MD and CEO of PPL Saeed Ullah Shah highlighted the company's progress during 2017-18 with a focus on significant achievements, notably earning the second highest profit after tax in its history which stood at Rs 45.7 billion.
Sharing key operational highlights of the year, Shah mentioned drilling of 33 wells, including 18 exploratory wells and the exploration activities leading to a discovery in Adhi South along with seven oil and gas discoveries subsequent to the reporting year.
Shah elaborated on improvement in production efficiencies, particularly arresting decline from mature fields as well as increasing output from new and existing assets to achieve 988mmscfd in 2017-2018.
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