As a veteran leader in the Pakistani Oil Industry, MPCL stands strong amidst the economic crunch worldwide. Recent news dictates that Board Members at Mari Petroleum have appointed a new CEO mid-August. What demands attention is that Mari has taken on board a civilian head – a well-versed petroleum engineer – unlike its history of army-men Managing Directors.
Background on Faheem Haider
Faheem Haider began his duties from the 12th of August 2020 as Mari’s Managing Director. Hailing from a rich background in the exploration and production (E&P) sector, he has curated a memorable career over 27 years, holding various leadership and staff positions in local companies. These include, Union Texas Petroleum Inc Karachi, Nutricon Union Ltd Islamabad, OMV Exploration GmbH Islamabad, Helix RDS Ltd, Aberdeen BG Group, (Oman) and Neptune Energy (Cairo, Paris, London).
Mari’s new CEO is an alumnus of Oxford University with a Post-Graduate Diploma from the College of Petroleum Studies. He also holds an MSc. Degree in Petroleum Engineering & Production Management from Imperial College London, and a BSc. Degree in Petroleum Engineering from UET, Lahore.
Apart from handling core exploration and production operations in different parts of the world, Haider has hands on experience of joint venture management, business development, operational efficiency, cost leadership, stakeholders’ management and growth delivery. This suggests sound experience in the life cycle of exploration and production projects – from both technical and commercial perspectives.
Mari Petroleum’s current standing in Pakistan
MPCL is a major driver of Oil and Gas exploration and Production in the Pakistani Industry. Currently, it runs a minimum of nine operational gas blocks across Pakistan, in joint ventures. Similarly, it is also running six non-production blocks throughout the four provinces.
The Company has the highest well success ratio of any E&P company in Pakistan (1:1.44, or 69.23%) compared to other companies (which average 1:3.3, or 30.1%); and is also the most cost-effective. Their operating expenses are 7-8% of its gross sales, while other companies’ average around 21% of their gross sales.
Moreover, Mari Petroleum is involved in avid infrastructure development in the province of Balochistan. This comprises projects related to its fields and otherwise. It has also made a mark in maintaining food security in the country.
Over the years, MPCL has grown from an exploratory company to an exploratory and production company in the oil and gas scene of Pakistan. They did this by applying both vertical and horizontal integration. Further value is added to the company by its lower operating expenses amongst all the other local E&P companies. Mari executives claim that its products and services save over $3 million foreign reserve and foreign exchange for the government of Pakistan every year.
Mari Petroleum appointed its new CEO to replace Lt. Gen (retd) Ishfaq Nadeem Ahmad, CEO of Mari for three and a half years. Under his belt, Ishfaq Nadeem maintained the company’s standard and in fact, took it to higher heights.
What does Mari’s future hold?
The appointment of a CEO holding expertise in the industry is expected to positively affect the company’s impact. Many anticipate a hands-on approach by Faheem Haider which can translate into increased profit and overall productivity in Mari’s projects.
Last year, Mari Petroleum bid on gas blocks in UAE, along with two other major oil and gas companies in Pakistan. This was a first of its kind and set a great example for future collaborations. A potential win on its bidding entails a successful venture worth about 350 to 400 million dollars, spread over several years. Unfortunately, due to the current COVID-19 pandemic, a delay has been noted in its results on behalf of ADNOC.
We wait to see how Eng. Faheem Haider manages this opportunity as it can take our local oil and gas sector to the global market.