Mari Petroleum’s Ghotki Discovery: 1,500 BPD Oil Find, New Balochistan Blocks, and $2B Market Surge
Ghotki Well Discovery – Sindh (Announced June 30, 2025)
Mari Petroleum Company Limited (MPCL), now rebranded as Mari Energies, reported a major discovery in Ghotki, Sindh, from a newly drilled well in its Mari Development & Production Lease (Mari D&PL) area. The well produced:
- 1,500 barrels per day (BPD) of crude oil
- Significant natural gas output (exact figures under assessment)
The discovery builds upon a series of successful wells like Tipu-1, Hilal-1, and Shawal-1, showcasing MPCL’s ability to explore mature basins using 3D seismic imaging and high drilling precision.
New Exploration Blocks – Balochistan (April 2025 Round)
MPCL’s subsidiary, Mari Energies, was awarded three strategic exploration blocks:
| Block Name | Working Interest | Partners |
| Ahmad Wal | 60% | OGDCL (40%) |
| Kalat South | 30% | PPL (40% operator), OGDCL (30%) |
| Ziarat North | 31.16% | OGDCL, PPL, TPOC, GHPL |
These awards reflect the company’s aggressive upstream strategy and commitment to expanding in underexplored regions like Balochistan, which holds 78 TCF gas and 8.6 billion barrels of oil in estimated reserves.
Market Performance – Joins PSX’s $2 Billion Club
As of June 27, 2025, Mari Petroleum reached a $2.64 billion market capitalization, joining the elite ranks of OGDCL and top financial institutions like UBL and MEBL on the Pakistan Stock Exchange (PSX).
This surge is attributed to:
- Recent discoveries (Ghotki, Soho-1, Spinwam-1)
- High investor confidence
- Strong dividends (PKR 134/share in FY25)
- Bonus shares (800% in Q3 FY25)
Upstream Leadership & Recent Exploration Activity
| Discovery | Location | Output | Date |
| Ghotki Well | Sindh (Mari D&PL) | 1,500 BPD oil, gas (TBD) | June 2025 |
| Shawal-1 | Ghotki, Sindh | 1,040 BPD oil, 2.5 MMSCFD gas | Jan 2024 |
| Soho-1 | Sujawal Block, Sindh | 30 MMSCFD gas | May 2025 |
| Spinwam-1 | Waziristan Block, KP | 23.85 MMSCFD gas, condensate | Apr 2025 |
| Maiwand X-1 ST-1 | Kohlu, Balochistan | 4.14 MMSCFD gas | 2024 |
Strategic Significance for Pakistan’s Energy Sector
- Import Reduction: Ghotki’s oil production could save ~$37.5M annually (at $68.5/barrel), reducing Pakistan’s crude oil import bill.
- LNG Dependency Offset: Significant gas additions aid in closing the 3.2 BCFD supply-demand gap and reduce $3.5B LNG import cost.
- Energy Security: MPCL’s expansion helps mitigate summer gas outages and power disruptions.
Risks and Challenges
| Risk Area | Description |
| Security (Balochistan) | Insurgency risks could disrupt exploration activities |
| Gas Revenue Pressure | LNG oversupply has forced curtailments costing producers $378M/year |
| Infrastructure Delays | New wells require pipelines, processing plants for full integration |
International Reach
MPCL is a stakeholder in Pakistan International Oil Ltd (PIOL), which holds a 25% share in Abu Dhabi Offshore Block 5, alongside OGDCL, GHPL, and PPL. It also signed an MoU with Turkey for offshore exploration in the Makran and Indus basins.
Frequently Asked Questions (FAQs)
Q1: How much oil is Mari Petroleum producing from the Ghotki discovery?
Mari is producing 1,500 barrels per day (BPD) of oil from the Ghotki well, with significant gas output as well.
Q2: What are the new blocks Mari Petroleum received in 2025?
Mari was provisionally awarded:
- Ahmad Wal (60%)
- Kalat South (30%)
- Ziarat North (31.16%)
All are located in Balochistan.
Q3: What is Mari’s position in the gas sector?
MPCL is Pakistan’s second-largest gas producer, holding a 24% market share and producing 115,000 BOEPD.
Q4: What is the value of Mari Petroleum in the stock market?
As of June 30, 2025, Mari’s market capitalization is $2.64 billion, placing it in the “PSX $2 billion club.”
Q5: Is Mari exploring oil & gas internationally?
Yes. Mari is part of the PIOL consortium for offshore exploration in the UAE and signed a 2025 MoU with Turkey for offshore exploration in Pakistan.
MPCL vs OGDCL (July 2025)
| Metric | MPCL (Mari Energies) | OGDCL |
| Market Capitalization | $2.64 billion | $3.35 billion |
| Oil Output (Ghotki discovery) | 1,500 BPD | Makori Deep-3: 2,112 BPD |
| Gas Production Share | 24% | ~28% |
| International Projects | UAE, Turkey | UAE, Middle East |
| Recent Discoveries | Ghotki, Soho-1, Spinwam-1 | Faakir-1, Makori Deep-03 |
Summary
What is the Ghotki discovery by Mari Petroleum?
Mari Petroleum discovered a new well in Ghotki, Sindh, announced on June 30, 2025. The well is producing 1,500 barrels per day of oil and an unspecified but significant volume of gas, enhancing MPCL’s position as Pakistan’s second-largest gas producer.
What new blocks did Mari Petroleum acquire in 2025?
In April 2025, MPCL’s subsidiary secured new exploration rights in Ahmad Wal (60%), Kalat South (30%), and Ziarat North (31.16%) in Balochistan. These expand its domestic footprint into underexplored resource-rich regions.
How much is Mari Petroleum worth?
As of June 2025, Mari Petroleum (Mari Energies) is valued at $2.64 billion, placing it among the top listed companies on the Pakistan Stock Exchange (PSX).
