Mari Energies Limited, formerly known as Mari Petroleum Limited, has been given a preliminary entity rating of AAA (long-term) and A1+ (short-term) by the Pakistan Credit Rating Agency (PACRA) based on its strong operational and financial position as a major player. in the country’s energy sector.
Specializing in the exploration, development and production of hydrocarbons, Marie has a reserve and resource base of 816 million barrels of oil equivalent (MMBOE), making it the second largest reserve holder in the country.
In keeping with its diversified portfolio and growth trajectory, MARI has renamed itself as MARI Energy Limited, reflecting its broader focus on the evolving energy landscape.
Apart from its performance, the company’s rankings reflect its distinct ownership structure: Fauji Corporation holds a 40% stake, while the Government of Pakistan and Oil and Gas Development Corporation Limited (OGDCL) each hold 20%. This distinctive shareholder composition enhances the company’s stability and strategic position. The governance structure, supported by tiered oversight, is consistent with best practices.
The company plays a vital role in Pakistan’s energy ecosystem, contributing 29% of the country’s total natural gas production making it the country’s largest gas producer, anchored by its flagship asset, the Mari Gas Field, one of Pakistan’s largest gas reserves.
Mari’s operational efficiency is underscored by its exploration success, advanced reservoir management practices and ability to quickly bring new discoveries to production, resulting in an exceptional reserve replacement ratio of 423% in FY24.
The company achieved a 7% increase in hydrocarbon sales, reaching 39.01 million barrels of oil equivalent, supported by a net daily production capacity of more than 120 thousand barrels of oil equivalent. This operational excellence translated into record net sales of PKR 181.8 billion, also complemented by financing income, resulting in a profit of PKR 77.3 billion for the year.
With an equity base of PKR 225 billion and strong cash flows, the company has enhanced its financial stability, allowing it to meet future liabilities and fund capital expenditures with minimal reliance on borrowing.
Marie’s strategic position in the energy chain is reinforced by its large portfolio of development and production contracts and exploration licenses, both directly and through non-operating joint ventures.
As part of its diversification strategy, the company is expanding into international markets, marking a significant milestone with its participation in Abu Dhabi’s Offshore Block 5 alongside leading Pakistani exploration and production companies. This project represents the first joint venture opportunity for Pakistani companies in the region.
In addition, Mary has entered the metals mining sector, exploring blocks with high potential for precious metals, and pursuing projects in green hydrogen, CO2 management solutions, and advanced energy infrastructure.
To drive technological and business advancements, the company established Mari Technologies Limited, a wholly-owned subsidiary focused on data centers, cloud computing and artificial intelligence.