MD and CEO PPL Imran Abbasy highlighted the company’s key achievements during 2022-23, notably the highest-ever profit-after-tax of Rs. 98 billion in PPL’s history. He shared that the company made four discoveries – ShahpurChakar North in operated Gambat South Block and three in partner-operated Tal and Kirthar blocks. With this, the company added 226 Bcfe in 1P reserves.
In the 72nd Annual General Meeting of Pakistan Petroleum Limited (PPL) was held on Monday in Karachi. Members approved financial statements for the fiscal year ended June 30, 2023, together with the auditor’s report. A final cash dividend of 15 percent on both ordinary and convertible preference shares was also approved. Hence, total dividend paid for the year is 25 percent.
Presiding over the meeting, Chairman PPL Board of Directors Mr. ShahabRizvi welcomed shareholders to the meeting. He appreciated management and staff’s efforts in achieving extraordinary financial results as well as operational milestones during 2022-23 despite a challenging business environment.
He reaffirmed the board’s commitment to maintain the highest standards of safety, corporate governance and accountability to ensure sustainable growth for PPL and also thanked shareholders for their support.
PPL clinched four new blocks — one operated and three partner-operated — during the year. Besides, 1,416 line km 2D and 1,130 sq. km 3D seismic data was acquired. The company paced up exploration efforts in high-risk-reward Balochistan-based frontier assets with initiation of 2D seismic in Margand, Musakhel, Kuhan and Suleiman blocks and 3D seismic in Pezu Block. He further shared that the PIOL consortium for PPL-operated offshore Block 5 in Abu Dhabi aims to drill identified prospects in 2023-24.
