Mari Energies Limited, formerly Mari Petroleum Company Limited, has been assigned an initial 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 key player in the country’s energy sector.
Specialising in the exploration, development, and production of hydrocarbons, Mari holds a reserve and resource base of 816 million barrels of oil equivalent (MMBOE), making it the second largest reserve holder in the country.
In line with its diversified portfolio and growth trajectory, Mari has renamed itself as Mari Energies Limited, reflecting its broader focus on the evolving energy landscape.
Apart from its performance, ratings for the company reflect its distinct ownership structure: Fauji Foundation holds a 40% stake, while the Government of Pakistan and Oil & Gas Development Company Limited (OGDCL) each own 20%. This distinctive shareholding composition reinforces the company’s stability and strategic positioning. The governance structure, underpinned by tiered oversight, is aligned 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 largest gas producer in the country, 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, which resulted in an exceptional reserve replacement ratio of 423% in FY24.
The company achieved a 7% increase in hydrocarbon sales, reaching 39.01 MMBOE, supported by a net daily production capacity of over 120,000 barrels of oil equivalent. This operational excellence translated into record-high net sales of PKR 181.8 billion, further complemented by finance income, delivering a profit of PKR 77.3 billion for the year.
With an equity base of PKR 225 billion and robust cash flows, the company has solidified its financial stability, allowing it to meet future obligations and fund capital expenditures with minimal reliance on borrowings.
Mari’s strategic position in the energy chain is strengthened by its significant portfolio of development and production leases 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 an offshore Block 5 in Abu Dhabi alongside leading Pakistani exploration and production companies. This venture represents the first joint opportunity for Pakistani companies in the region.
Additionally, Mari has entered the mineral mining sector, exploring high-potential blocks for precious metals, and pursuing projects in green hydrogen, CO₂ management solutions, and advanced energy infrastructure.
To further its technological and business advancements, the company has established Mari Technologies Limited, a wholly-owned subsidiary focused on data centers, cloud computing and artificial intelligence.
