Karachi: At its 73rd Annual General Meeting held at a local hotel, Pakistan Petroleum Limited (PPL) shareholders approved the fiscal year 2024 financial statements and a final 25% cash dividend on ordinary shares, culminating in a total annual dividend of 60%. The meeting underscored the company’s resilience and robust performance despite market challenges.
According to Pakistan Petroleum Limited, the AGM was chaired by Mr. Shahab Rizvi, Chairman of the PPL Board of Directors. Mr. Rizvi thanked shareholders for their ongoing support and highlighted the company’s ability to navigate the tough business environment successfully. “Despite external headwinds, PPL has demonstrated remarkable strength, thanks to the dedication and hard work of our employees,” he stated.
Mr. Imran Abbasy, Managing Director and CEO of PPL, detailed significant achievements during the fiscal year, noting a record profit-after-tax of Rs. 114 billion and unprecedented customer collections. He also celebrated the discovery of gas and condensate at Jhim East X-1 in the Shah Bandar Block and other partner-operated discoveries, emphasizing PPL’s strong exploration capabilities.
PPL boasts a diverse exploration portfolio with 48 assets, including operations offshore in Pakistan and Abu Dhabi, as well as an onshore lease in Yemen. Mr. Abbasy reported substantial progress in Abu Dhabi’s Offshore Block-5, where two successful appraisal wells have been completed, and the drilling of the first exploration well is underway.
On the production front, PPL maintained production levels at 713 MMscfde, overcoming challenges such as natural declines in mature fields and excess LNG line pressure. The company’s performance was supported by drilling seven development wells and several successful rig-less production enhancement initiatives.
In the minerals sector, PPL is advancing strategic partnerships and projects like the joint venture with Degan Exploration Works in Balochistan and the Barite, Lead and Zinc (BLZ) Project under Bolan Mining Enterprises. The Reko Diq Project is also making progress, with the feasibility study due by December 2024 and production expected by 2028.
PPL is committed to health, safety, and environmental protection, achieving a record of zero Lost Time Injuries and no Tier 1 spills during the year. As a participant in the Decarbonization Charter at COP28, PPL is actively supporting Pakistan’s decarbonization initiatives.
The company’s CSR programs have allocated Rs. 3.7 billion towards healthcare, education, and disaster relief, benefiting communities nationwide. Looking ahead, PPL aims to maximize hydrocarbon reserves, optimize production from mature assets, and accelerate development projects to ensure a sustainable energy supply for Pakistan, while also expanding its energy portfolio through diversification.