Mari Petroleum to Set Up Subsidiary with Focus on Cloud Computing, AI

Mari Petroleum Company Limited (MPCL) Thursday announced that its Board of Directors has approved formation of a subsidiary with focus on Cloud Computing and Artificial Intelligence. The company shared the news in a notice alongside the announcement of its financial result for the FY24. Moreover, the company also said that a five-year extension of Mari D&P lease was approved by the government, extending the company’s rights on the lease until November 2029 with an additional payment of 15 percent wellhead value. Additionally, with the latest amendments in the Petroleum Policy 2012, the company now has the right to extend the lease until the field production remains commercially viable. It also said that MPCL’s subsidiary Mari Mining Co. (Pvt) Ltd has been awarded two mineral exploration licenses in Chaghi district of Balochistan.