Pakistan Petroleum Limited

PPL secures Prestigious Position in Corporate Report Awards We are proud to share that Pakistan Petroleum Limited (PPL) has secured 3rd place in Fuel and Energy category at the prestigious Best Corporate & Sustainability Report Awards 2023. The awards ceremony, organized by Institute of Chartered Accountants of Pakistan and Institute of Cost and Management Accountants of Pakistan, took place on October 18 in Lahore. This recognition highlights PPL’s ongoing dedication to excellence in corporate reporting and governance. Our annual reports have consistently been acknowledged for their clarity and presentation, reflecting the company’s unwavering commitment to transparency and best practices in financial reporting for the benefit of our stakeholders. #PPL #Bestcorporatereportawards #ICAP #ICMAP

PPL honoured with Certificate of Excellence at 39th MAP Awards We are proud to announce that Pakistan Petroleum Limited (PPL) has received the prestigious Certificate of Excellence from Management Association of Pakistan (MAP) for outstanding corporate management in the Oil and Gas Exploration sector. The award was presented by Governor, Khyber Pakhtunkhwa Mr. Faisal Karim Kundi to PPL’s CFO Mohammad Khalid Rehman at a distinguished ceremony held in Karachi on October 23, 2024. This recognition underscores PPL’s unwavering commitment to operational excellence, quality and innovation in the energy sector.

PPL’s 73rd Annual General Meeting approves 25% Cash Dividend Pakistan Petroleum Limited (PPL) held its 73rd Annual General Meeting at a local hotel in Karachi, where shareholders approved the financial statements for the fiscal year ending June 30, 2024, along with the auditor’s report. A final cash dividend of 25% on ordinary shares was also ratified, bringing the total dividend for the year to 60%. The meeting was chaired by Mr. Shahab Rizvi, Chairman of PPL BoD, who expressed his gratitude to the shareholders for their continued trust and support. He acknowledged the challenges posed by the current business environment but emphasized PPL’s resilience and agility. “Despite external headwinds, PPL has demonstrated remarkable strength, thanks to the dedication and hard work of our employees,” Mr. Rizvi stated. Mr. Imran Abbasy, Managing Director & CEO, highlighted the company’s significant accomplishments during 2023-24. PPL recorded its highest-ever profit-after-tax of Rs. 114 billion and achieved unprecedented collections from customers. He further noted the successful discovery of gas and condensate at Jhim East X-1 in Shah Bandar Block, alongside four other partner-operated discoveries, underscoring PPL’s robust exploration capabilities. PPL’s exploration portfolio continues to thrive with 48 assets, including offshore blocks in Pakistan & Abu Dhabi, and an onshore lease in Yemen. Mr. Abbasy reported substantial progress in Abu Dhabi’s Offshore Block-5, where two successful appraisal wells have been completed and drilling of the first exploration well is underway. On the production side, PPL sustained production at 713 MMscfde, despite natural decline in mature fields, excess LNG line pressure and lower offtakes by GENCO-II. This was bolstered by drilling 7 development wells & successful rig-less production enhancement initiatives. In the minerals sector, PPL is advancing through strategic partnerships such as JV with Degan Exploration Works to develop resources in Balochistan. The BLZ Project, under BME is positioned for substantial long-term growth. Additionally, Reko Diq Project is progressing with feasibility study expected by December 2024 and production in 2028. PPL remains committed to maintain the highest standards of HSE and achieved a stellar safety record with zero LTI & no Tier 1 spills in 2023-24. As a signatory to the Decarbonization Charter at COP 28, PPL is actively contributing to Pakistan’s decarbonization efforts. The company also continues to invest in community uplift through its CSR programme, allocating Rs. 3.7 billion to initiatives in healthcare, education and disaster relief. Looking forward, PPL remains focused on maximizing hydrocarbon reserves through aggressive exploration, optimizing production from mature assets and accelerating key development projects. With this, PPL is committed to enhancing its portfolio, including diversification into minerals & other sectors, to add value across the energy chain.

MD PPL discusses key development and Community Uplift Initiatives with CM Balochistan Mr. Imran Abbasy, Managing Director and CEO of Pakistan Petroleum Limited (PPL) met Chief Minister (CM) Balochistan Mir Sarfraz Bugti at the CM House in Quetta on October 18 to discuss crucial matters related to resource exploration and community development in the province. During the meeting, Mr. Abbasy outlined PPL’s strategic plans for hydrocarbon exploration and mining in Balochistan, including updates on social development projects in the region. The conversation also touched upon the status of Sui Gas Field’s Development and Mining Lease. In relation to mining, Mr. Abbasy highlighted sustainable development of ongoing projects under Bolan Mining Enterprises, a joint venture between PPL and Government of Balochistan. He emphasized on how these initiatives would significantly contribute to the socioeconomic uplift of local communities. Reaffirming PPL’s commitment to the region, Mr. Abbasy discussed the company’s continued support for community welfare efforts, including provision of free gas and water supply to Sui Town alongside numerous Corporate Social Responsibility projects. Honourable CM Balochistan assured PPL of the government’s full cooperation and emphasized the importance of forging a joint strategy to enhance local community development and the broader progress of the area. Both parties expressed their dedication to working together for the betterment of the province and the country.

PPL/ BME Management Committee Meeting focuses on sustainable growth of mining projects in Balochistan The 49th Annual Management Committee meeting of Bolan Mining Enterprises (BME) was held on October 17, 2024, in Quetta and attended by joint venture (JV) partners, Pakistan Petroleum Limited (PPL) and Government of Balochistan (GoB). MD & CEO PPL Mr. Imran Abbasy along with senior PPL officials participated in the meeting while GoB was represented by Secretary Mines & Minerals Development Department Mr. Saidal Khan Luni, Additional Secretary Industries and CEO of Balochistan Mineral Resources Limited. The discussions focused on enhancing operational efficiency and fostering sustainable growth for BME. The JV partners explored strategies to optimize resource extraction, improve infrastructure and promote sustainable development of BME’s mining projects. The meeting concluded with a shared commitment to maximizing the potential of BME, improving operational efficiency and contributing to the socioeconomic development of the region through responsible mining practices. #BolanMiningEnterprises #PakistanPetroleumLimited #GovernmentofBalochistan #responsibleminingpractices #mineralresourceextraction

PPL awarded Best Petroleum Company by FPCCI We are thrilled to announce that Pakistan Petroleum Limited (PPL) has been conferred Best Petroleum Company Award by Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The award was presented by Honourable President of Pakistan Mr. Asif Ali Zardari to General Manager Shared Services PPL Syed Mahmood ul Hassan during FPCCI’s 12th Achievement Awards Ceremony held at Aiwan-e-Saddar, Islamabad on October 8. FPCCI’s annual achievement awards recognize excellence in various business endeavours, including skill development, energy, finance, exports, investment, and construction, that enable to boost the economy and has a positive impact at the regional and national level. #FPCCIannualachievementawards #PPL #Bestpetroleumcompany #FPCCI

Milestone Achieved: PPL/ PPL Asia secures USD 6M settlement for Block 8, Iraq The settlement between Pakistan Petroleum Limited (PPL) Asia E&P B.V., a subsidiary of PPL, and Midland Oil Company (MdOC) marks the conclusion of Exploration, Development and Production Service Contract for Block 8, Iraq which expired in May 2022. PPL Asia's commitment to finding a resolution demonstrates sustained negotiations and legal efforts, culminating in an agreement signed on October 6, 2024, by MD/CEO PPL Mr. Imran Abbasy and DG MdOC Mr. Muhammad Yaseen Hassan. Efforts to resolve the lingering settlement from 2022 involved addressing longstanding disputes and claims between the parties. A significant milestone was the net settlement of USD 6 million with MdOC paying through a third party. This final resolution closed all matters related to the contract without either side admitting fault or liability, reflecting the persistent and strategic endeavours to achieve a mutually favourable outcome after over two years of engagement. This not only brings closure to PPL’s operations in Block 8 but also delivers a valuable foreign exchange recovery for the company and Pakistan.

PPL receives Digital Technology Award 2024 for second consecutive year We are thrilled to announce that Pakistan Petroleum Limited (PPL) received Digital Technology Award 2024 for the second consecutive year organized by Digital Assurance and Accounting Board of the Institute of Chartered Accountants of Pakistan on August 2, 2024. The award recognizes PPL’s successful inhouse efforts for automation of some of the financial processes using advanced tools, including Robotics Process Automation and Power Apps, resulting in enhanced process efficiency and accuracy. Competing in the large organizations' category, PPL stood out for its commitment to digitalization, innovation and implementation of cutting-edge technology. #PakistanPetroleumLimited #DigitalTechnologyAward2024 #RoboticsProcessAutomationandPowerApps #cuttingedgetechnology #digitalization