Shell Pakistan appoints Burque Corporation as distributor in Quetta for Lubricants.

Shell has been a leading global supplier of finished lubricants for 15 consecutive years. Shell Lubricants business in Pakistan has appointed Burque Corporation to manage its distribution in Quetta to improve customer experience.

Shell Pakistan required a resourceful distribution partner in Quetta with proven commercial capabilities and a strong footprint to ensure wide reach and responsive customer care.… Continue

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PSO has added 39 new retail outlets during 9MFY22

The management of Pakistan State Oil Company Limited (PSO) held a corporate briefing session on 28th Jun’22 to discuss the financial performance of 9MFY22 and future outlook.

Brief Takeaways

·        To recall, the company posted the highest ever 9MFY22 earnings of PKR 64,769mn (EPS: PKR 137.96) compared to PKR 18,242mn (EPS: PKR 38.86), up by 3.6x YoY on account of growth in the overall volumes.… Continue

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Musadik Malik visited PSO’s Head Office in Karachi

Minister of State (Petroleum Division), Ministry of Energy, Mr. Musadik Malik visited PSO’s Head Office in Karachi. Managing Director & CEO, Pakistan State Oil (PSO), Syed Taha welcomed the honorable guest along with the company’s senior management.

The honorable minister was given an overview of the company’s financial and operational performance, milestones achieved and key challenges.… Continue

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MARI and OGDC announce discovery at Bannu West-1

As per the latest announcement by MARI, further hydrocarbon discovery has been made at Bannu West-1 at Bannu Block at North Wazirstan located in KPK Province. Previously, the company discovered 25mmcfd of gas and 300 bopd of oil at Lockhart Limestone Formation (before acid treatment), while 1.6 mmcfd of gas in Hangu Formation.… Continue

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Mari Petroleum to supply 150mmcfd of gas in the SNGP pipeline network soon

MARI held its Corporate Briefing Session on June 24 to discuss the performance and outlook after the 9MFY22 results. The company posted an 18% rise in earnings during 9MFY22 to PKR27.5bn (EPS: PKR205.84). MARI is likely to make an all-time high production during FY22 (9M: 28mmboe), crossing the recent peak of 36mmboe in FY21.… Continue

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A review of Pakistan Oil& Gas sector from the perspective of PSX

·         We have revised our oil price and PkR/US$ estimates to build in current macro outlook in our models. Consequently, we have revised our oil assumptions for FY23 and FY24 to US$95/bbl and US$90/bbl while we have also revised our estimates for PkR/US$ exchange parity to 198/US$ for FY23 and 210/US$ in FY24.… Continue

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Sales of petroleum products increases in May 2022

·         Total OMC volumes clocked in at 2.17mn tons for May’22, up 28%YoY while on a MoM basis, sales saw a slight fall of 2%. The majority of YoY increase was once again led by FO, up 174%, on the back of high power generation

·         Overall, OMC volumes rose by 18% in 11MFY22, where FO saw a marked increased during the period, up 35%YoY, while MS/HSD posted increase of 11/18% respectively.… Continue

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OGDC: Conversion of TFCs into PIBs

According to news sources, Petroleum Division is currently seeking the Economic Coordination Committee’s approval for the conversion of TFCs worth PKR 202.8bn of OGDC owed by Power Holding Private Limited into PIBs. To recall, in 2013, the government approved the TFCs for partial payment of circular debt amounting to PKR 82bn, for the purpose of settling companies’ overdue receivables from oil refineries and gas companies.… Continue

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OMC’s cash flow improved due to an increase in product prices

The government of Pakistan (GoP) has decided to increase the prices of Petrol (MOGAS), High-Speed Diesel (HSD) & other petroleum products by Rs30/ltr. The new prices effective from 27th May-22 are Rs179.86/ltr for Petrol and Rs174.15/ltr for Diesel.

Even after this increase, the Price Differential Claim (PDC) or subsidy that which government used to disburse to oil companies stands at Rs17.02/ltr and Rs56.71/ltr for MOGAS and HSD as compared to the last PDC recorded of Rs47.02/ltr and Rs86.71/ltr, respectively.… Continue

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Shell Pakistan inaugurates a trainee’s hostel at the National Highways & Motorway Police (NH&MP) Training College

The Commandant Police Training College DIG Mahboob Aslam and the Chief Executive & Managing Director of Shell Pakistan Limited, Waqar Siddiqui, inaugurated a trainees hostel at National Highways and Motorway Police (NHMP) Training College Sheikhupura with the capacity of 100 drivers.… Continue

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Pakistan Oil and Gas Marketing Sector reported good sales in April 2022

Total Petroleum sales arrived at 2.18mn tons in Apr’22, witnessing a jump of 30% YoY and 19% MoM. The growth in sales volumes was primarily attributable to i) jump in auto sales leading to surge in demand of MS, ii) higher reliance on FO based plants, and iii) commencement of harvesting season which augmented HSD demand.… Continue

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Pakistan to fine-tune petroleum policy to attract E&P investment

Pakistan’s import bill for the petroleum group increased to US$ 14.8 billion in the first nine months of the current financial year 2022, up by 96.09% on Year on Year basis, indicated Pakistan Federal Bureau of Statistics data recently. The situation is likely to worsen because of increased geopolitical tensions that have forced Europe and the US to increase their reliance on Liquefied Natural Gas, causing LNG spot prices to soar, rising by 30% recently.… Continue

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OGDCL witnessed a massive jump of 79% in PAT YoY in 3QFY21

Oil & Gas Development Company Limited (OGDC) announced its financial result today, posting a profit after tax of PKR 43,161mn (EPS: PKR 10.04) during 3QFY22 compared to PKR 24,121mn (EPS: PKR 5.61) in 3QFY21, witnessing a massive jump of 79% YoY.… Continue

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PPL share earnings may go up to EPS: PKR 19.00

Pakistan Petroleum Limited (PPL) is expected to announce its 9MFY22’s financial result on 27th Apr’22, where we project the company’s bottom-line to clock in at PKR 51,691mn (EPS: PKR 19.00) in contrast to PKR 38,118mn (EPS: PKR 14.01) in 9MFY21, up by 36% YoY.… Continue

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OGDC is likely to announce a cash dividend of PKR 3.75/share in 3QFY22

Oil & Gas Development Company Limited (OGDC) is scheduled to announce its 9MFY22’s financial result on 28th Apr’22, where we expect earnings to settle at PKR 109,968mn (EPS: PKR 25.57), registering a hefty jump of 66% YoY.

The ascend in net profit is projected at the back of i) a surge in oil prices by 72% YoY amid a revival of oil demand internationally.… Continue

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Pakistan has ample stocks of MS and HSD, says OCAC

Oil Companies Advisory Council (OCAC), the primary representative of the downstream oil industry of Pakistan, has reported that ample stocks of Motor Spirit (MS) & High Speed Diesel (HSD) are available in the country owing to, the support of refineries in providing locally produced fuel products, and to OMCs for planning imports and meeting volume commitments timely despite the limited product availability in the international market due to geopolitical tension.… Continue

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Shell Pakistan announces PAT of PKR 2,079 million in Q1 2022

The Board of Directors of Shell Pakistan Limited (SPL) announced the first quarter results for the company on 21st April. The company posted a profit after tax of PKR 2,079 million compared to the profit of PKR 1,948 million made in the same period last year.… Continue

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Pakistan receives bids for oil/gas exploration in onshore area

Ministry of Petroleum, DGPC had opened bids for 14 onshore Blocks for grant of Petroleum Exploration Rights through open bidding on April 18, 2022 at Petroleum House, Islamabad.

Bids were received for 9 Blocks and opened by the Bid Opening Committee in the presence of companies’ representatives.… Continue

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Petroleum products record growth in sales during March 2022

Total Petroleum sales arrived at 1.82mn tons in Mar’22, witnessing a jump of 23% YoY and 19% MoM (due to extra working days compared to February). The growth in sales volumes is primarily attributable to i) growth in auto sales leading to increase in demand of MS, and ii) higher reliance on FO based plants.… Continue

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Shell Pakistan inaugurates an Integrated Retail Outlet on M9 Motorway

Shell Pakistan Limited (SPL) inaugurated its 2nd ‘Integrated Retail Outlet’ (IRO) in Karachi, located strategically on M9 Motorway that connects the largest port city to the rest of the country. The new retail site, ‘SPL Oasis’ brings in the destination concept of retailing in Pakistan, established on a motorway, offering a wide range of facilities to customers.… Continue

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PSO renews partnership with TotalEnergies Aviation

Pakistan’s largest energy company – Pakistan State Oil (PSO), signs Fuel Supply and Technical Services Agreements with TotalEnergies Aviation (TEA) at their headquarters at La Defense Paris France. The agreements were signed by Chief Supply Chain Officer, PSO – Mr. Abdus Sami and President, TEA – Mr.… Continue

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Pakistan State Oil sales likely to increase on rising car/bike sales and increased FO demand from power sector

We are revising up our earnings estimates for Pakistan State Oil (PSO) for FY22E and FY23F to Rs119/sh and Rs74/sh vs. our previous estimate of Rs45/sh and Rs50/sh, respectively. This revision is primarily driven by (i) significant inventory gains during 1HFY22 led by sharp rally in global oil prices, (ii) higher other income on the back of payment by IPPs, and (iii) higher than expected volumetric sales.… Continue

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Shell Pakistan reports a PAT of PKR 4.466 bn for 2021

The Board of Directors of Shell Pakistan Limited (SPL) announced financial results for the year ended December 31st, 2021. The company posted a profit after tax of PKR 4,466 million for 2021 compared to the loss of PKR 4,821 million in 2020.… Continue

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OGDCL, PPL, Mari and POL in the light of rising crude prices

Oil and Gas Development Company (OGDC): We raise our OGDC earnings forecast by an average of 59% over FY22-24 after incorporating revised oil price assumption and 1HFY22 results. However, we have slightly increased our exploration cost estimate of the company for FY23/24.… Continue

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BYCO calls tender for O&M for its single point mooring facility

BYCO issues international tender to provide operation & maintenance (O&M) services for its single point mooring facility (SPM) in Pakistan. Bids are due on Aug 16.

Byco Petroleum Pakistan Limited is Pakistan’s largest oil refining company, having the nation’s highest refining capacity of 156,000 barrels per day.… Continue

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