PACRA Maintains Entity Ratings to Mari Energies Limited

The Pakistan Credit Rating Agency (PACRA) reaffirmed Mari Energies’ strong credit profile by maintaining its AAA (Long Term) / A1+ (Short Term) ratings, reflecting its strong financial strength, effective governance framework, and resilient business model. During FY25, the Company rebranded as Mari Energies Limited, marking its evolution from a conventional oil and gas operator to a diversified energy enterprise. This transformation supports its long-term growth strategy and broader vision to expand beyond petroleum into mining, data centers, and clean energy initiatives, positioning the Company to remain competitive in a rapidly evolving energy landscape. Proved and probable (2P) reserves rose by ~110 MMBOE in FY25, achieving a Reserve Replacement Ratio of 278%, driven by Ghazij development, Mari HRL, SML–SUL and Shewa production, and discoveries at Pateji, Spinwam, and Soho. Net contingent resources (2C) increased by ~174 MMBOE, with 109 MMBOE upgraded to reserves, contributing a net 2C addition of 66 MMBOE. Total reserves and resources (2P + 2C) reached 952 MMBOE, up 17% YoY, extending reserve life to 20 years and positioning Mari as one of Pakistan’s leading reserve holders. The Company also achieved its highest-ever sales capacity, reaching 127 KBOEPD, while actual hydrocarbon sales remained stable at 107.2 KBOEPD (FY24: 106.6 KBOEPD). This growth was supported by new discoveries and increased production in Waziristan and Mari fields, despite curtailments of indigenous gas and delays in commissioning the transmission pipeline, which affected the start-up of Shewa production. Financial performance remained strong despite external challenges, with net sales of PKR 177.1 bln (FY24: 182 bln) and net profit of PKR 65.1 bln (FY24: 77 bln). Profitability was affected by the 15% wellhead charge on Mari Field, lower oil prices, PKR appreciation, and gas curtailments. With an equity base of PKR 272 bln and strong cash flows, the Company is well-positioned to fund capital expenditures with minimal external borrowing. On the core operations front, the Company expanded its portfolio with currently total 72 ELs (including 47 onshore and 25 offshore) and 15 D&PLs, covering 155,756 sq. km. As part of its rebranding, Mari continued its international presence in Offshore Block-5, Abu Dhabi, and expanded domestically into mineral and technology ventures, including green hydrogen, CO₂ management, and advanced energy infrastructure. Mari Technologies Limited and SKY47 were incorporated, with a 5 MW data center under construction in Islamabad and a second planned in Karachi. In mining, Mari Minerals entered a JV for EL-302 and EL-303 with IRH Mining and local partners, with field operations underway and drilling in EL-322 and EL-323 in progress, while also acquired a 5% stake in Kohesultan Mining Company (Private) Limited. Mari Mineral also entered into a JV agreement with Globacore Mineral Limited in respect of EL 322 and EL 323, subject to requisite approvals.
Mari’s strong credit profile is supported by a stable ownership structure—Fauji Foundation 40%, and the Government of Pakistan and OGDCL 20% each—combined with robust governance and tiered oversight. Leadership continues to drive growth, innovation, and operational efficiency, while maintaining a largely debt-free capital structure. Going forward, Mari’s focus on market leadership, portfolio diversification, and risk management will be key to sustaining

About the Entity
Mari Energies, incorporated in Pakistan in 1984 and listed on the Pakistan Stock Exchange, is an integrated E&P company. It specializes in oil and gas exploration, drilling, field development, and hydrocarbon production, supported by an in-house service division with rigs, seismic crews, and advanced processing capabilities. The Company is governed by an eleven-member board, comprising representatives from sponsoring groups and independent members, ensuring strong oversight and strategic direction. Mr. Faheem Haider, Managing Director and CEO since August 2020, is a seasoned professional with over 33 years of international experience in the exploration and production sector. Mr. Faheem also serves as MD/CEO of Mari Minerals (Pvt) Limited and non-executive director on the boards of Pakistan International Oil Limited (UAE), Mari Technologies Limited and SKY47 Limited.