Spokesman Report

ISLAMABAD : Minister of State for Petroleum Dr Musadik Masood Malik said on Tuesday that the country would soon offer the auction of several new oil and gas exploration blocks in an effort to increase petroleum production and reduce reliance on expensive imported fuels.

Replying to a question of Senator Danesh Kumar, he said the profits of Oil and Gas Development Company Limited (OGDCL), PPL and Mari Gas would be increased after the increased production.

Giving details, he said net profits earned during 2020-21 by different companies was; Government Holdings (Private) Limited (GHPL) Rs 33,457 million, Pakistan State Oil Company Limited’s (PSOCL) Rs. 29,139 million, Pakistan LNG Limited (PLL) Rs. 4,701 million, Pakistan Petroleum Limited (PPL) Rs. 52,431 million, Saindak Metals Limited (SML) Rs.1,380 million and Pakistan Minerals Development Corporation (PMDC) was Rs. 590 million. While the net loss of Inter State Gas Systems Limited’s (ISGSL) during the same period was Rs. 352 million.

He said net profit earned by Oil & Gas Development Company Limited (OGDCL) in financial year 2020-21 was Rs. 91,534 million, Pak Arab Refiner Limited’s (PARCO) Rs. 8,326 million and Mari Petroleum Company Limited (MPCL) was Rs. 31,440 million.

Musadik Malik went on saying that the net profit of Sui Northern Gas Pipelines Limited (SNGPL) earned in financial year 2020-21 was Rs. 10,986 million, Sui Southern Gas Company Limited (SSGCL) had yet not finalized because the financial statement of SSGCL for the years 2020-21 were dependent on determination of final revenue requirement (FRR) by OGRA which had not been determined as yet by the OGRA.