A substantial amount of hype has been created around the recently commenced offshore exploratory drilling of Kekra-01 in Offshore Indus-G block. We, hence, thought it would be useful to reach out to industry experts and conduct some international benchmarking, to better understand prospects of Kekra-01 in the most objective manner possible. We share our findings in this piece
Oil and Gas Development Company is a petroleum exploration and production (E&P) company in the Pakistan oil and gas sector. Co.'s principal activity is to explore, develop, produce and sell oil and gas resources and related activities. Co. also manufactures Gas, Liquefied Petroleum Gas, Crude Oil, and Sulphur. Co.'s major fields contributing in the aforesaid production of crude oil include Nashpa, Kunnar/KPD, Pasakhi, Sinjhoro and Rajian and for gas include Qadirpur, Uch, KPD, Nashpa and Dakhni. Co. carries out exploration and development activities on its own as well as in joint ventures with other oil companies.
Pakistan Petroleum Limited (PPL) is a supplier of natural gas. The Company is principally engaged in conducting exploration, prospecting, development and production of oil and natural gas resources. The Company operates nine producing fields, which include Sui, Kandhkot, Adhi, Mazarani, Chachar, Adam, Adam West, Shahdadpur and Shahdadpur West. It has working interests in approximately 20 partner-operated producing fields. Its partner-operated fields include Qadirpur Gas Field, Tal Block, Miano Gas Field and Sawan Gas Field. The Company, along with its subsidiaries, has a portfolio of approximately 40 exploration blocks, of which over 20 are operated by the Company, including Block-8 in Iraq, while approximately 20 blocks consisting of three offshore leases in Pakistan and two onshore concessions in Yemen are operated by joint venture partners. Its gas production from its operated and partner-operated fields is approximately one billion cubic feet of gas per day.
Akseer is a Research & Analytics firm based out of Pakistan that specializes in Equity Research and Corporate Finance. Our team has exposure to a wide range of sectors including Economy, Banking, Telecommunications, Retail, Real Estate, Construction and Materials, Pharmaceuticals, Food, Energy, Chemicals and Petrochemicals. We have experience of covering companies in Middle East, Americas, Far East and South Asia.
Pakistan Petroleum Ltd (PPL) has posted a consolidated NPAT of PKR10.8bn (EPS PKR3.98) for 4QFY20, down 23% qoq and 30% yoy, lower than our estimate of PKR4.50/sh. This takes FY20 EPS to PKR18.16, down 17% yoy. PPL also announced a modest cash dividend of PKR1.0/sh but no bonus shares (against market consensus). Major deviations from our estimate emanated from: (i) higher-than-expected exploration expenses, and (ii) slightly lower revenues suggesting lower realized gas prices. KEY HIGHLIGHTS ...
Pakistan Petroleum Limited (PPL) reported a 30% YoY decline in consolidated earnings for 4QFY20 to Rs3.98/share, taking full year earnings to Rs18.16/share (down 17% YoY). The company also announced a cash dividend of Rs1/share along with the results. Earnings decline in the outgoing quarter came on the back of 30% YoY lower Net Sales amidst 11% YoY decline in Natural Gas volumes and 37% decline in Crude Oil offtake. Average Oil prices during the quarter also fell by 61% YoY to US$27/bbl. Operating expenses during 4QFY20 clocked in at US$5.3/bbl, down by 3% YoY. Exploration costs fell by ...
As per news reports, Pakistan Petroleum Limited (PPL) has found new gas reserves of over 1 TCF (Trillion Cubic Feet) in Kalat Block. To highlight, company announced a discovery from the said block on Dec 23, 2019 from Margand X-1 Field. However, PPIS reserve sheet of Dec-2019 does not contain any reserve information pertaining to Margand as reserve prospects develops gradually. As per company’s notice to the stock exchange, gas flows from the field were 10.7Mmcfd at 64/64 inches choke size, which has annualized earnings impact of Rs0.7/share. While news reports suggests that, this field can...
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