Pakistan Petroleum Limited (PPL) is a Pakistan based oil company, it was incorporated June 5, 1950, when it inherited the assets and liabilities of the Burmah Oil Company Ltd.

Burmah Oil Company Ltd.

The Burmah Oil Company was a leading British oil business which was once a constituent of the FTSE 100 Index.-History:The company was founded in Glasgow, Scotland in 1886 by David Sime Cargill to develop oil fields in the Indian subcontinent...

 which initially holds 70% of the share with the rest mostly held by the Government of Pakistan

Pakistan

Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...

 (GoP). As on June 2011, GoP hold 70.66% of the shares.

The company is headquartered in Karachi

Karachi

Karachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...

.

The company operates major oil and gas fields including Sui gas field

Sui gas field

Sui gas field is the biggest natural gas field in Pakistan. It is located near Sui in Balochistan. The gas field was discovered in the late 1952 and the commercial exploitation of the field began in 1955....

 and has non-operating interests in other fields and has an interest in an exploration portfolio onshore and offshore. The company is now planning international exploration in partnership mode.

Board of directors

The composition of Board changed in July 2010. Two additional directors Jawed Akbar and Saeed Akhtar were elected. During the year (2010-2011), Sher Muhammad Khan replaced Muhammad Naeem Malik and Asim Murtaza Khan succeeded Khalid Rehman (ex. CEO and MD). After the close of financial year 2010-2011 Rashid Bashir Mazari succeeded Irsha Ahmed.

• Hidayatullah Pirzada (Chairman)
• Asim Murtaza Khan (MD and CEO)
• Javed Akbar
• Raashid Bashir Mazari
• Saeed Akhtar

• Saifullah Paracha
• Sajid Zahid
• Saquib H. Shirazi
• Sher Muhammad Khan
• Zain Magsi

Global compact

PPL is a signatory of the United Nation Global Compact (UNGC), a voluntary charter set up in July 2000 by leading businesses to form platform for business models and markets' promotion. The charter binds member companies to follow ten basic principles focusing on human rights, working conditions for employees, environmental conservation and transparency. PPL became a member of UNGC in April 2006.

Highlights for the Year 2008

Sales Rs 45.7 billion, profit before tax Rs 30.4 billion, profit after tax Rs 19.7 billion, cash dividend of 155% plus 10% Stock dividend.

Awards

PPl secured the following five major corporate awards during the year 2011:

• Best corporate report award for annual report 2009
• Corporate philanthropy award
• KSE (Karachi Stock Exchange) top 25 companies award
• MAP (Management Association of Pakistan) corporate association award
• SAFA (South Asian Federation of Accountants) award for best annual report 2009

Year 2010-2011

The company sale revenue increased by 31% to PKR

PKR

- Codes :PKR is:* the IATA airport designator of Pokhara Airport, Pokhara, Nepal* the ICAO airline designator of Pakker Avio, Estonia* the ISO 4217 code for the Pakistani rupee...

 78.3 billion. PPL made a profit after tax of PKR 31.4 billion showing and increase of 35% over the previous financial year. Rising international prices and depreciation of the rupee against US dollar coupled with the positive oil-to-gas sales mix attributed to this profitability to rise all time high earning per share of PKR 26.21

Operations

PPL is operator and shares 100% in the following two fields:

• Kandhkot gas field was hit by flood in August, 2010 and one of the GGM submerged completely and two Gas Gathering Main(GGM) partly. There were twenty five producing wells out of which fifteen were shut-in and production from the field dropped to 70 MMscfd from the peak of 195 MMscfd of gas. Eight wells were bought into operation by September, 2010 and after necessary repairs production increased to 160 MMscfd (Million standard cubic feet per day). Two additional wells brought into opertion by mid October, 2010 adding 30 MMscfd of gas thereby increased total available production to 190 MMscfd. In December 2010, compression station began commercial operation to maintain contractual delivery pressure and enhance recovery ratio.
• Sui gas field
  Sui gas field
  Sui gas field is the biggest natural gas field in Pakistan. It is located near Sui in Balochistan. The gas field was discovered in the late 1952 and the commercial exploitation of the field began in 1955....
  
  is under depletion phase, gas sales during the financial year 2010-2011 was 170,805 MMscf against 177,574 MMscf in 2009-2010. Production commenced from two development wells and a third well spud-in during the fiscal year 2010-2011. Drilling of well (Sui-92U) was started in March, 2010. The well was drilled up to the depth of 2,128 meters in the Pab reservoir and was successfully completed as a single string producer from Sui upper limestone (SUL) in December, 2010. Drilling of well (Sui- 89M) started in January, 2011 and was completed in February, 2011. Well (Sui-93M) was drilled as a horizontal well using under balanced drilling technology in the reservoir for the first time in the country to optimize production form Sui gas field. Drilling of well started in March, 2011 and completed in July, 2011.

Partners operated producing fields:

• Block 2669-3 (Latif)
• block 2668-4 (Gambat)
• Block-2768-3 (Block-22)
• Block 3370-3 (Tal)
  • Manzalai field
  • Makori field
  • Mamikhel discovery
  • Maramzai discovery
  • Makori East discovery
  • Tolang discovery
• Block 3370-10 (Nashpa)
• Miano gas field
• Qadirpur gas field
• Sawan gas field

Bolan mining enterprises

Bolan Mining Enterprises is a joint venture on equal basis between Pakistan Petroleum and the Government of Baluchistan (GoB). A grinding mill having a capacity of 50,000 tonnes per year was set up and has met almost 80% of the total barytes required by oil exportation companies operating in Pakistan. Bolan barytes are produced in accordance with the American Petroleum Institute specifications. BME has been authorized by API to use their official momogram on BME barytes.

During the financial year 2010-2011, the sales of barytes was 41,316 tonnes and BME earned a pre-tax profit of PKR 138.864 million from barytes project, Khuzdar as compared to PKR 148.800 million earned in 2009-2010. A sum of PKR 27.440 million appropriated towards reserves for development and expension and the company's net 50% share of the profit was PKR 55.712 million during the financial period 2010-2011.