Mari Energies Acquires Stakes in Oil and Gas Blocks

Mari Energies Limited (MARI), a prominent exploration and production company in Pakistan, has formalized agreements with Orient Petroleum Inc. (OPI) to secure interests in three oil and gas exploration and production blocks situated within the country.

The publicly listed entity communicated this development in an official notification to the Pakistan Stock Exchange (PSX) on Friday.

The notification stated, “We are pleased to announce that MariEnergies and OPI have executed farm-out agreements, granting MariEnergies the following acquisitions from OPI: a) a 45% working interest, including operatorship, in the Marwat block located in Khyber Pakhtunkhwa, b) a 45% working interest, including operatorship, in the Harnai South block located in Balochistan, and c) a 20% non-operating working interest in the Ratana Development & Production Lease located in Punjab.”

MARI clarified that these acquisitions are contingent upon securing necessary regulatory approvals, finalizing assignment deeds with the government, and fulfilling supplementary procedural requirements.

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The statement concluded, “This transaction underscores MariEnergies’ dedication to enhancing its upstream portfolio by extending its reach into promising onshore regions nationwide, bolstering domestic hydrocarbon exploration and development efforts, and contributing to Pakistan’s energy security.”

MARI ranks as the nation’s second-largest natural gas producer. It is an integrated oil and gas exploration and production company boasting an exploration success rate of approximately 70%, notably surpassing industry averages of around 30% nationally and 14% globally.

The company manages Pakistan’s largest gas reservoir at the Mari Gas Field, Daharki, Sindh.