PPL new strategy in view of changing business environment
The Pakistan Petroleum Limited (PPL) has embarked on a new strategy in view of the changing business environment.
This was informed by the Chairman of the Board of Directors of PPL, Waqar A. Malik, on Wednesday. He was speaking at the 64th Annual General Meeting (AGM) of the company held at a local hotel. A 40 percent cash dividend was also approved.
Malik said that the Board and the Management has been working on a new strategy in view of the changing business environment and in order to safeguard the company’s long term interests.
This, he added, will focus on core operations and ensure that the exploration activity momentum is accelerated. Malik also welcomed that new Managing Director and Chief Executive Officer, Syed Wamiq Bukhari, who joined the PPL in March this year.
He also appreciated the efforts of outgoing MD and CEO, Arshad Mirza, adding that he remains part of the current board. Managing Director of PPL, Syed Wamiq Bukhari expressed pleasure in initiating interface with the company’s shareholders and while apprising the members on the company’s performance shared that in order to bridge the supply-demand gap, the company is striving to optimise production and reserves replacement by drilling more wells and fast-track development of new fields as well as enhancing production from mature assets.
He informed that the company has been restructured from a functional matrix to an asset-based hybrid for increased focus and delivery of ambitious business targets besides enabling staff development.
Sharing significant achievements, Bukhari added that the company’s accelerated exploration efforts in the recent past have already started to give results. During the fiscal year 2014-15, the PPL drilled nine exploratory wells in company-operated areas and made four hydrocarbon discoveries. This success was supplemented by two more discoveries in partner-operated blocks, totally six discoveries during the year, it was further stated. The shareholders of PPL approved financial statements together with the auditor’s report for the fiscal year ended June 30, 2015 besides payment of final cash dividend of 40 percent on ordinary shares capital. This is in addition to an interim dividend of 45 percent on ordinary share capital already paid to the shareholders bringing the total distribution for the financial year 2014-15 to 85 percent cash dividend.