Investor Relations

MPCL is a public limited company operating in the private sector. The Company is listed on the Pakistan Stock Exchange. PSX Symbol: MARI

The authorized share capital of the Company is Rs 170,000,000,000 divided into 17,000,000,000 ordinary shares of Rs 10 each. The paid-up share capital of the Company is Rs 1,334,025,000 divided into 133,402,500 ordinary shares of Rs 10 each. The details of shareholding and paid-up capital are as under:

Shareholder Shareholding
(Shares in million)
Paid-up Capital Amount
(Rs in million)
Fauji Foundation 53.361 533.610 40%
Government of Pakistan 26.662 266.625 20%
OGDCL 26.680 266.805 20%
General Public 26.698 266.984 20%
Total 133.402 1,334.024 100%


Participation and Shareholders Agreement (PSA)

A PSA was signed among the sponsor shareholders, i.e., the Fauji Foundation, the Government of Pakistan and OGDCL on June 3, 1985 (amended in July 1992), which contains the rights and privileges of the three shareholders as well as agreement on other important matters.

Under the terms of the PSA,

Board Selection: The membership of the Company’s Board of Directors shall reflect as closely as possible the proportion in which shares of the Company are held by the parties and others and among the parties inter se.

Management Right: The Company’s affairs and business shall vest in and be conducted by Fauji Foundation through a Managing Director exclusively nominated by Fauji Foundation.

Legal Status: The Company shall be run on commercial lines and be treated as a private sector Company.

Right of First Refusal: If any of the sponsor shareholders desires to sell or transfer its shares in the Company in whole or in part, the remaining sponsor shareholders shall have the first right to purchase such shares, subject to the conditions and in the manner prescribed in the PSA.

Revision in Mari Wellhead Gas Price Formula

Since its inception, MPCL has operated on a cost-plus-fixed-return formula known as the Mari Gas Price Agreement (Mari GPA), signed in 1985. Under Mari GPA-1985, the government’s price-determining authority determined and notified a price for the gas sold from Mari Gas Field in such a manner that total revenues of the company were sufficient to cover all its expenses, including operating costs, capital expenditures, repayment of borrowings, exploration expenditure up to an approved limit, financial ratios, return to shareholders, and taxes.

With effect from July 1, 2014, Mari GPA-2015 replaced Mari GPA-1985, under which the wellhead price of Mari Field is now linked to the crude oil prices prevalent in the market with sliding scale discounts. With effect from December 16, 2015, Mari Gas field was converted to the Petroleum Policy 2012 for incremental gas production from existing discoveries and new exploratory efforts in the field. In early 2016, MPCL successfully implemented an incremental gas production project for HRL reservoir. MPCL has also made four new discoveries in the Mari Gas field, namely Shahbaz, Shaheen, Hilal and Iqbal, all entitled to gas pricing incentives under Petroleum Policy 2012. An Incremental gas production project for Goru-B reservoir is also being implemented, which will result in a significant increase in gas production from this reservoir.

Return to the Shareholders

The minimum return to the shareholders was fixed at 22.5% as per Mari GPA-1985. In 2001, the minimum guaranteed return was increased to 30%, escalated in a manner that 1% additional return was paid for every 20 MMSCFD beyond the level of 425 MMSCFD, reaching up to a maximum guaranteed return of 45%.

Mari GPA-2015 stipulated that the dividend distribution continues as per MARI GPA-1985 till 2024 and that the profits are re-invested for exploration and development activities within and outside Mari Field.

In February 2021, ECC decided to remove the dividend cap with effect from July 1, 2020. As a result of the ECC decision, the Company, subject to corporate approvals, is now able to decide on the dividend payout in accordance with applicable laws and regulations bearing in mind its financial performance and internal funding requirements.


Being one of the largest petroleum exploration and production companies in Pakistan, we visualize the earth as something beautiful and mysterious, for it has so many secrets to reveal.

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21, Mauve Area, 3rd Road,
G-10/4, Islamabad, Pakistan
Contact Information for investor related queries / grievances:
Mr. Muhammad Sajjad (Acting Company Secretary)
Tel: +92-51-111-410-410 (Ext. 483), Email: