Karachi, October 27, 2017 (PPI-OT):The 66th Annual General Meeting of Pakistan Petroleum Limited (PPL) was held on October 27 at Pearl Continental Hotel, Karachi. Members approved financial statements for the fiscal year ended June 30, 2017 together with the auditor’s report thereon as well as final cash dividend of 60 percent on ordinary shares.
Chairman, Board of Directors Abid Saeed presided over the proceedings. Presenting the year’s overview, MD and CEO Syed Wamiq Bokhari shared PPL’s outstanding performance, notably a profit-after tax of Rs. 36 billion, more than double compared to last year. Speaking on the ongoing dynamic exploration and development strategy, Bokhari pointed out that a record 43 wells were drilled in operated and partner-operated assets while deploying highest-ever13 rigs operation with remarkable reduction in drilling time and cost.
Focussing on business operations, Bokhari highlighted PPL’s efforts in production enhancement, which crossed the 1 Bcfde-mark in 2016-17, leading to 8 percent growth over the previous year, besides 108 percent reserves replacement. He also spoke on the company’s resolve for improving quality of life for deserving communities through a result-oriented and participative CSR programme and continued investment in building staff capacity for adopting emerging E and P technology as well as nurturing new talent for industry.
Looking ahead, Bokhari said that PPL will continue to fast-track production from new discoveries and enhance output from mature fields. To this end, he mentioned drilling additional wells in frontier areas to achieve 100 percent reserves replacement as well as deployment of tested technologies in tight gas.
For more information, contact:
Pakistan Petroleum Limited (PPL)
4th Floor, PIDC House,
Dr. Ziauddin Ahmed Road,
P. O. Box 3942,
Fax: +92-21-35680005, +92-21-35682125