Preston University Islamabad

INTERNSHIP REPORT MARI PETROLEUM COMPANY LTD

Fueling The National Economy

SUBMITTED BY
S.Mubshair Zaidi Reg No:(1431-111010)

DATE OF SUBMISSION September 04,2013

Introduction
Mari Petroleum Company Limited (formerly, Mari Gas Company Limited) is one of the Pakistans largest E&P (petroleum exploration and production) companies, operating the Countrys 2nd largest gas reservoir at Mari Field, District Ghotki, Sindh. The Shares of the Company are quoted on all the Stock Exchanges of Pakistan. The Company is primarily engaged in Exploration, Development and Production of hydrocarbon potentials (Natural gas, Crude oil, Condensate & LPG) in the Country. MPCL is also exploring opportunities of expanding its business to become a player in the international hydrocarbon market.since my area of specilization is in finance and accounts I have chosen the internship in MPCL the oil and gas company and select the head office in islamabad. The company is engaged in exploration, drilling of oil an resources through out in pakistan.Till date of forming its a public limited company and working under the ministery of petroleum.The company achieved all time high sale revenue representing 19% growth over last year.This report covers over all aspects of company with specific empasise on Finance and Account deparment.It also discuss the new discoveries of oil and gas in pakistan different areas.

Corporate Structure
Mari petroleum Company is registered as a public limited company, listed and traded on all three stock exchanges of Pakistan. The company has an authorized capital of Pak Rs. 2,500 million and paid up capital of Pak Rs. 735.00 million which is subscribed by Fauji Foundation (40% with management control), Government of Pakistan (20%), Oil and Gas Development Company limited (20%) and the General Public (20%). The company is managed by a board of fourteen directors representing:

Fauji Foundation Government of Pakistan OGDCL General Public

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Company History
In 1957 when the Company was operating as Esso Eastern Inc., Mari Gas Field was discovered in Daharki, Sindh, Pakistan with original gas in place (GIIP) estimate of 2.38 TCF. Over the years with the phased development of the Field and the subsequent reservoir evaluations, the GIIP of the Field enhanced to 10.751TCF, thus making Mari one of the largest gas field in Pakistan in Pakistan terms of balance of reserve. In May 1983 Fauji Foundation, a major Pakistani group, along with OGDCL and GOP acquired the entire business operations of Esso Eastern Inc. in Pakistan which comprised the Mari Gas Field. During December 1984, the business was reorganized and incorporated as Mari Gas Company Limited (MPCL) which took over the assets, liabilities and operational control of Mari Gas Field. MPCL primarily operated as a production company till 1997, developing the discovered Habib Rahi Reservoir in phases for supply of gas to the new fertilizer plants. Simultaneous with these development phases, the Company also pursued appraisal activities within its Mari D&P Lease by drilling stepout wells to determine the boundaries of Habib Rahi Reservoir. The hallmark of MPCLs growth and expansion is also represented by its entry into exploration activities in the year of 2001 its initiative and with government of Pakistan approval. In its exploration segment, MPCL is operating total seven exploration blocks i.e. three exploration blocks (Ziarat, Hanna & Harnai) and one D&P Lease (Zarghun South) in Balochistan, two exploration blocks in Sindh (Sukkur & Sujawal), one in Khyber Pakhtunkhwa (Karak) and one in Punjab (Ghauri). In addition, the Company is also joint venture partner in two exploration blocks (Kohlu & Kalchas) in Balochistan, two exploration blocks (Kohat & Bannu West) in Khyber Pakhtunkhwa, one block (Zindan) in Khyber Pakhtunkhwa / Punjab and one block (Hala) in Sindh. Moreover, the Company is also joint venture partner in block 43B with 25% working interest in Oman with MOL.

Vision
Be the leader in the oil and gas market in Pakistan by expanding and developing the petroleum value chain including exploration, production, transmission, extraction, processing, distribution and marketing such processes, products and services in order to bridge the gap of the increasing demand of petroleum products and the need of the existing and potential customers.

Mission
Mari Petroleum Company Limited will be customer focused and competitive with a view to contributing substantially to the national economy, while ensuring continuous growth and viability of the Company and the payment of profitable dividends to the stakeholders.

Goals
Providing uninterrupted petroleum products supply to customers.

Maintaining best and safe operational practices.

Adopting advanced technology, cost effective/ efficient operations, increasing operating efficiency and adherence to high environmental standards.

Exploring and enhancing the potential of our human resources.

Aligning the interests of our shareholders, human resources, customers and other stakeholders to create significant business value characterized by excellent financial results, outstanding professional accomplishments and superior performance.

Core Values
Values are deeply ingrained principles that guide organizational actions. The Core values are central and enduring tenets of a successful organization. MPCL is governed by its core values which distinguish us and guide our actions while shaping our corporate culture and reflecting the behavior essential to our relationship with all the stakeholders. The Core values MPCL subscribes to are:

Main Deparments Human Resource Deptt

Information Techology Deptt

Finance & Accounts Deptt

MD

Operation Deptt

Audit Deptt

Health & Madical Deppt

Puecurment Deptt

Comments On organization Structure

All policy related issues are deal with board of directors that is heade by the chairman and full time mangeing director. The MPCL is fully re-organized in last few years its now operates much purely a oil company does.the whole organization been streamlined and the functional basis it.For effective operational activities, different Executive Directors performsfollowing activities in consultation with General Managers, who are assisted bythe concerned Departmental Managers.