Mari Energies hits record 39.13 MMBOE output in FY25
Mari Energies Limited (MARI) announced at its 41st Annual General Meeting to achieve its highest-ever production level of 39.13 million barrels of oil equivalent (MMBOE) in fiscal year 2025. It marks a major milestone in the company’s operational history.
Mari Energies (MARI) held its 41st Annual General Meeting following the release of FY25 results.
The company managed to achieve its highest ever production level of 39.13 MMBOE in FY25. Management highlighted that the additional 15% royalty charge resulted in a revenue loss of Rs9bn loss for the company.Mari Petroleum Drills First-Ever Horizontal Well in Mari Gas Field
In its initial phase, Spinwam is expected to produce around 30 mmcfd, while Shewa is currently operating at about 50-60 mmcfd. However, the company is targeting a combined production of 300 mmcfd from both fields. This will also require an additional pipeline from SNGP and a field development plan, for which discussions are underway.
On the news regarding gas allocation from Ghazij/Shawal to fertilizer plants, management clarified that negotiations with the government are still ongoing. The allocation will also be required to be approved by ECC and Cabinet going forward. The field is currently producing 48mmcfd, with significant upside potential. However, achieving full capacity will take time, as it requires the installation of development facilities.
Management also noted that the discussion on gas allocation for fertilizer plants is only in regards to Ghazij/Shawal, as other fields like HRL are already operating at full capacity.
On the question of achieving full potential of the discoveries made in Spinwam, Soho, Shawal, and Ghazij, management stated that once the RLNG agreement with Qatar expires, the company needs to be in a position to replace those volumes to save FX reserves of the country.
Shewa began production in March and added around 700 bpd of condensate, which led to a QoQ increase in oil production.
Regarding Sky47, management anticipates a delay of about one month due to flooding. However, the project is still expected to be completed by year end or early next year, with an initial capacity target of 5MW. The Karachi data center is also scheduled for completion next year.
On the Abu Dhabi Block, management commented that production plans and further details will likely be discussed in the upcoming board meeting with ADNOC, scheduled in Oct 2025. They further indicated that the 3 discoveries made in Abu Dhabi carry estimated reserves of around 110 MMBOE.
Although MARI does not have any exposure to the power sector circular debt, it stands to benefit from the resolution of the gas sector debt, which the management expects to happen soon given the government’s commitment towards it.
The company reported a Reserve Replacement Ratio of 237%, with 2P reserves standing at 775 MMBOE.
