KARACHI: Pakistan Petroleum Ltd (PPL) posted profit after tax of Rs99 billion and recorded its highest-ever collections of Rs284bn in FY26.

This was disclosed at PPL’s 75th annual general meeting on Tuesday, attended by a large number of shareholders who approved the financial statements for FY26 along with the auditors’ and directors’ reports.

A final cash dividend of 60pc on ordinary shares was also approved, bringing the total dividend for the year to 120pc.

The company drilled seven exploration and four development wells during FY26. Average production remained 649mmcfd, around 3pc higher than the previous year, despite gas curtailment.

PPL made 11 discoveries — two in operated and nine in partner-operated assets — adding 242 BCF to 2P reserves.According to a press release, PPL secured eight offshore blocks — two as operator and six as partner — following successful participation in Pakistan’s Offshore Bidding Round 2025.

Managing Director and Chief Executive Officer Khalid Abdul Rehman said the farm-out agreement with Turkish Petroleum Overseas Company for Eastern Offshore Indus Block C had further strengthened Pakistan-Türkiye energy cooperation. With this, PPL continued development activities at Offshore Block 5 in Abu Dhabi through its operated Pakistan International Oil Ltd.

As part of diversification, PPL was expanding into minerals and evaluating opportunities across the broader energy value chain. The establishment of PPL Minerals as a dedicated business unit reinforced its commitment to unlocking Pakistan’s mineral potential, he said. The BLZ project had entered the execution phase, while the mineral exploration footprint had expanded in Chagai and opportunities were being evaluated in Khyber Pakhtunkhwa.

Mr Rehman said that despite geopolitical uncertainty, volatile energy markets, gas curtailment, declining mature fields, security challenges and mounting circular debt, PPL had demonstrated resilience, maintaining focus on operational efficiency and financial discipline to achieve key milestones.

Published in Dawn, October 28th, 2026