Mari Gas Field was originally owned by Pakistan Stanvac Petroleum Project, a joint venture formed in 1954 between Government of Pakistan and M/s Esso Eastern Incorporated, having 49% and 51% ownership interests, respectively. The first gas discovery was made by the Joint Venture in 1957 when the first Well in lower Kirthar ‘Zone-B’ Limestone Formation was drilled. Production from the field started in 1967. In 1983, M/s Esso Eastern sold its entire share to the Fauji Foundation. Consequently, it was decided to set up a wholly owned Public Limited Company for the purpose of acquiring the assets and liabilities of the Project.
Mari Gas Company Limited (MGCL) was incorporated
In 1984, Mari Gas Company Limited (MGCL) was incorporated with Fauji Foundation, Government of Pakistan and OGDCL as its shareholders having 40%, 40%, and 20% shareholding, respectively. The Company took over the assets, liabilities and operational control of Mari Gas Field and commenced business in its own name in 1985 under the Mari Gas Wellhead Price Agreement (Mari GPA).
Listing on all Stock Exchanges of Pakistan
In 1994, the Government divested 50% of its share and the Company became listed on all the stock exchanges of Pakistan.
Entry into oil and gas exploration
In 2001, the Company achieved a new milestone when it was granted a license for exploration of oil and gas in addition to the production activities. Since then, MPCL has emerged as a successful E&P Company with a proven track record in the field of exploration and production.
MGCL renamed as Mari Petroleum Company Limited
The Company has grown from the sale of natural gas from an inherited field, to the exploration, production, and sale of gas, oil and other petroleum products from a number of fields in all provinces of Pakistan. The name of the Company was changed from "Mari Gas Company Limited" to "Mari Petroleum Company Limited" (MPCL) in November 2012 to reflect its diversified business operations and expanded activities.
Set-up of services division
The Company had been outsourcing seismic and drilling business like other E&P companies. However, in 2013 the Company decided to set-up a services division comprising of a 2D/3D seismic data acquisition unit, a 2D/3D seismic data processing centre and a fleet of three on-shore drilling rigs. Thus, MPCL became a fully integrated E&P company in the Country.
Mari GPA dismantled and replaced with a market -oriented formula
Since its inception, the Company had been operating on a cost-plus fixed-return formula under Mari GPA 1985. Pursuant to consistent efforts by MPCL Management, a major milestone was achieved in November 2014 when Economic Coordination Committee of the Cabinet approved dismantling of the Mari GPA and its replacement with an international crude oil price linked market oriented formula. Dismantling of the Mari GPA has allowed the Company to operate on commercial terms and become competitive to realize its full potential.
Conversion of Mari Field to 2012 Petroleum Policy
In October 2015, the Company opted for conversion of Mari D&P lease to 2012 Petroleum Policy to avail the price incentives offered by the Government on production enhancement initiatives.
Start of Incremental Production from Mari Field
In February 2016, MPCL became the first Pakistani E&P Company to implement its incremental gas production project (at Mari Field) and avail gas price incentive on incremental field production offered in 2012 Petroleum Policy.
Golden Jubilee of un-interrupted gas supply from Mari Field
Mari Field marked its Golden Jubilee on December 22, 2017. These were 50 years of meticulous operations and true professionalism as evidenced by uninterrupted supply of hydrocarbons to the Company’s downstream customers.
Renewal of Mari D&P Lease
With effect from November 2019, an extension of five years in Mari lease period has been approved by the Government, extending the Company’s development and production rights in the lease area till 2024. The extension helped the Company to focus on enhancing recovery from the Field by implementing exploration efforts and ramp-up existing production.
Removal of Cap on Dividend Distribution by the GoP
In February 2021, the Economic Coordination Committee of the Cabinet approved removal of cap on dividend distribution by MPCL, enabling the Company to decide dividend payout in accordance with the applicable laws, based on its financial performance and internal funding requirements.