Topline Pakistan Research has published a report on Mari Energies Limited (MARI) in relation to its 41st Annual General Meeting following the release of its FY25 results. The company achieved its highest-ever production level of 39.13 MMBOE in FY25. Management highlighted that an additional 15% royalty charge resulted in a revenue loss of Rs 9 billion for the company.
In its initial phase, the Spinwam field is expected to produce around 30 million cubic feet per day (mmcfd), while the Shewa field is currently operating at approximately 50-60 mmcfd. However, the company is targeting a combined production of 300 million cubic feet per day (mmcfd) from both fields. Achieving this goal will require an additional pipeline from SNGP and a field development plan, for which discussions are currently ongoing.
Regarding the allocation of gas from Ghazij/Shawal to fertilizer plants, management clarified that negotiations with the government are still in progress. This allocation will also need approval from the Economic Coordination Committee (ECC) and the Cabinet in the future. The Ghazij/Shawal field is presently producing 48 mmcfd, presenting significant upside potential. Nonetheless, reaching full capacity will take time, as it requires the installation of development facilities.
Management noted that discussions about gas allocation for fertilizer plants pertain only to Ghazij/Shawal, as other fields, such as HRL, are already operating at full capacity.
Concerning the full potential of discoveries in Spinwam, Soho, Shawal, and Ghazij, management stated that once the RLNG agreement with Qatar expires, the company needs to be prepared to replace those volumes to conserve the country’s foreign exchange reserves.
Shewa began production in March and added around 700 barrels per day (bpd) of condensate, resulting in a quarter-on-quarter increase in oil production.
Regarding the Sky47 project, management anticipates a delay of approximately one month due to flooding. However, the project is still expected to be completed by the end of this year or early next year, with an initial capacity target of 5MW. The Karachi data center is also scheduled for completion next year.
On the Abu Dhabi Block, management commented that production plans and further details will likely be discussed in the upcoming board meeting with ADNOC, scheduled for October 2025. They further indicated that the three discoveries made in Abu Dhabi carry estimated reserves of around 110 MMBOE.
