Analysis of Financial Statements of MARI Petroleum Company Ltd

Mari Gas Field was originally owned by Pakistan Stanvac Petroleum Project, a joint venture formed in 1954 between Government of Pakistan and M/s Esso Eastern Incorporated, having 49% and 51% ownership interest, respectively. The first gas discovery was made by the Joint Venture in 1957 when the first well in lower Kirthar 'Zone-B' Limestone Formation was drilled. Production from the field started in 1967. Pakistan meets about 18% of its oil demand from local sources. Local gas production is 4 billion cubic feet per day (bcfd) and the oil production is 37,000 barrels against the demand of 9-10 bcfd of gas and 77,000 bpd of oil. Without a doubt, there is an excess demand situation, which will remain so in the future. Additionally government is also considering different options of import of gas from Turkmenistan & Qatar and import of LNG to cope with the increase in demand. Most of the relevant information about the economic environment is considered with in the framework of a country risk review to help identify business opportunities and strategies.