KARACHI: Pakistan Petroleum Limited (PPL) held its 73rd Annual General Meeting (AGM) at a local hotel in Karachi, where shareholders approved the financial statements for the fiscal year ending June 30, 2024, along with the auditor’s report.
A final cash dividend of 25 percent on ordinary shares was also ratified, bringing the total dividend for the year to 60 percent.
The meeting was chaired by Shahab Rizvi, Chairman of the PPL Board of Directors, who expressed his gratitude to the shareholders for their continued trust and support. He acknowledged the challenges posed by the current business environment but emphasized PPL’s resilience and agility. “Despite external headwinds, PPL has demonstrated remarkable strength, thanks to the dedication and hard work of our employees,” Rizvi said.
Imran Abbasy, Managing Director and CEO, highlighted the company’s significant accomplishments during the fiscal year 2023-24. PPL recorded it’s highest-ever profit-after-tax of Rs114 billion and achieved unprecedented collections from customers. He further noted the successful discovery of gas and condensate at Jhim East X-1 in the Shah Bandar Block, alongside four other partner-operated discoveries, underscoring PPL’s robust exploration capabilities.
PPL’s exploration portfolio continues to thrive with 48 assets, including offshore blocks in Pakistan and Abu Dhabi, and an onshore lease in Yemen.
Abbasy reported substantial progress in Abu Dhabi’s Offshore Block-5, where two successful appraisal wells have been completed, and drilling of the first exploration well is underway.
On the production side, PPL sustained production at 713 mmscfde, despite natural declines in mature fields, excess LNG line pressure, and lower off takes by GENCO-II. This performance was bolstered by drilling seven development wells and implementing successful rig-less production enhancement initiatives.
In the minerals sector, PPL is advancing through strategic partnerships, such as the joint venture with Degan Exploration Works to develop resources in Balochistan. The Barite, Lead & Zinc (BLZ) Project, under Bolan Mining Enterprises, is positioned for substantial long-term growth. Additionally, the Reko Diq Project is progressing, with the feasibility study expected by December 2024 and production anticipated by 2028.
PPL remains committed to maintaining the highest standards of health, safety, and environmental protection. The company achieved a stellar safety record with zero Lost Time Injuries and no Tier 1 spills reported during the year. As a signatory to the De-carbonization Charter at COP28, PPL is actively contributing to Pakistan’s de-carbonization efforts. The company also continues to invest in community uplift through its Corporate Social Responsibility (CSR) programmes, allocating Rs3.7 billion to initiatives in healthcare, education, and disaster relief, benefiting underprivileged communities across the country.
Copyright Business Recorder, 2024