AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: Mari Energies Ltd, a key player in Pakistan’s energy sector, reported a 7% decline in net sales for the first nine months of fiscal year 2025, reaching PkR132.3 billion. The downturn is attributed to reduced production levels and decreased wellhead prices, the company stated in its recent analyst briefing.
Net profit for the period also saw a decline, falling by 10% to PkR46.3 billion. The decrease is largely due to an additional royalty applied to the company’s Mari D and P lease. Despite these financial setbacks, the company has made significant strides in exploration and reserves.
MARI secured 10 new blocks in the recent exploration bid rounds, eight of which are located in Balochistan. The company’s 2P reserves have increased to 816 million barrels of oil equivalent, positioning it as the second-largest reserve holder in the country. Key contributors to this increase include discoveries in Ghazij, Shawal, and other blocks.
A notable development is the Spinwam-1 discovery, which boasts multi-zone flows and an estimated reserve size of 799 billion cubic feet. Production from the Shewa well began in March 2025, although output is currently capped due to pipeline constraints.
Additionally, the Pateji X-1 discovery, operated by Pakistan Petroleum Limited, was connected to MARI’s Sujawal gas processing plant. The new pipeline was completed in record time, with production expected to increase in the next phase.
The company is also focusing on its Mari Revitalization Program, which is contributing significantly to current production levels. Future drilling plans are in place to further enhance output.
Beyond exploration, MARI is expanding its footprint in digital services through its subsidiary, Mari Technologies. The company plans to establish Pakistan’s first tier-3/4 data centers, with facilities in Islamabad and Karachi.
Management is engaged in ongoing discussions with the government concerning excess gas in the transmission network and the sector’s circular debt resolution.
MARI’s outlook remains cautious, with a ‘HOLD’ stance and a target price of PkR670 per share by December 2025.