Karachi, October 27, 2025: Pakistan Petroleum Limited’s (PPL) 74th Annual General Meeting was held at a local hotel in Karachi witnessing a large shareholder turnout. The shareholders approved the financial statements for the fiscal year ended on June 30, 2025, along with the auditor’s report. A final cash dividend of 25% on ordinary shares was also approved, bringing the total dividend for the year to 75%.
The meeting was chaired by Mr. Shahab Rizvi, Chairman of the PPL Board of Directors, who expressed his gratitude to the shareholders for their continued trust and support. He congratulated the shareholders on PPL’s Platinum Jubilee and their long-term association with the company. He also acknowledged the perseverance and dedication of staff in delivering on key targets, including an impressive 2P Reserves Replacement Ratio of 129 percent and fast track production from new discoveries. Mr. Rizvi also introduced the new MD & CEO PPL Mr. Sikandar Memon to the audience.
MD and CEO Mr. Sikandar Memon shared the company’s performance during 2024-25. He highlighted that the celebration of PPL’s remarkable 75 years coincided with the company’s journey for transformation with a renewed corporate identity. “We reaffirm our commitment to our new strategic direction—to evolve into a dynamic energy and minerals company focused on sustainable growth and value creation for our shareholders”, he noted.
Sharing the operational highlights, Mr. Memon talked about the recent discoveries, two in operated Pateji X-1 in Shahbandar Block, Sindh and six in partner-operated assets and drilled 11 exploration and 4 development wells in operated and partner-operated assets. “We are proud to share that production from Pateji X-1 started in record time of less than five months,” he noted. With this, Adhi South 8 & 9 and Jhim East X-1 were also commissioned. PPL’s average production was nearly 632 MMscfde despite LNG-related restrictions in supply network and lower offtakes at Kandhkot.
During the year, our team has executed sophisticated production optimization projects and targeted development drilling to enhance recovery rates at operated and partner-operated producing assets.
For our operated Offshore Block 5 in Abu Dhabi, we have signed Production Concession Agreement and Field Development Plan with ADNOC under PIOL, firming up a 40 percent working interest in the production phase.
On the diversification front, considerable headway was made in the BLZ project managed by our operated Bolan Mining Enterprises with the recent signing of the facility agreement. For Reko Diq Project, the world-class copper and gold mines, production is expected to commence in 2028-29.
As for our ongoing commitment to sustainability, we are building on our ESG policy to embed sustainability into our core operations. PPL contributed Rs. 4.6 billion during 2024-25 for CSR projects to improve the quality of life for deserving communities across the country. Moreover, our first ESG Report is set to be published soon, further endorsing our commitment to sustainability. Moving ahead, our operational priority remains on aggressive expansion of our reserves base to pursue a balanced E&P portfolio and enhanced production with the use of latest technology. We are also actively evaluating opportunities in high potential frontier areas, shallow offshore blocks and unconventional resources with a focus on building partnerships, especially with international partners. We will continue to strengthen our mineral portfolio with progress in BLZ and upcoming projects to fast-track production. Overall, our team remains committed and resilient to uphold our values as a responsible corporate leader for a prosperous Pakistan
