Topline Flash Note: Oil & Gas Exploration: Pak Oil production down 14% WoW; Gas flows from Mari field reach all time high
- Pak Oil production during the week ending Jun 23, 2020 fell by 14% WoW on the back of 35% WoW lower flows from Tal Block (contributes over 25% in country’s domestic crude production). Tal block production fell due to some local issues in the area, however, situation and flows have normalized now as per our channel checks. Production from Nashpa was also down by 21% WoW.
- Gas Production during the same week increased by 2% WoW, in spite of 29% WoW decline in Tal Block flows. Production from Mari field has reached an all time high, with weekly average clocking in at 737 mmcfd (up 18% WoW).
- To recall, gas production from Mari Habib Rahi Limestone (HRL) field is entitled to receive incentivize pricing based on Petroleum Policy 2012, if production increases beyond 577.5Mmcfd (10% higher than threshold level of 525Mmcfd). Normal flows (below 525mmcfd) are priced at 50% of 2001 policy.
- Amongst companies, Pakistan Oilfields (POL) witnessed the largest decline of 23% WoW in its oil production as majority of its reliance is on Tal Block. PPL, OGDC and MARI witnessed decline of 20%, 10% and 2% WoW, respectively in their oil production.
- On gas front, MARI & PPL witnessed increases of 17% WoW and 4% WoW, respectively while OGDC & POL flows declined by 3% WoW and 24% WoW respectively.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
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