DIB Pakistan Launches Core Banking Modernisation Programme
August 4, 2026
Mari Energies has identified a buyer for Spinwam gas, bringing the project closer to commercial production while awaiting regulatory approvals.
Mari Energies Limited has taken another important step toward commercializing its Spinwam gas discovery after issuing a Letter of Award to Universal Gas Distribution Company (Pvt) Ltd. The proposed agreement allows for the sale of up to 17.5 million standard cubic feet per day of gas from the Waziristan Block in Khyber Pakhtunkhwa, according to a disclosure submitted to the Pakistan Stock Exchange on Monday.
The award came after a competitive bidding process that began with an Invitation to Bid on May 15, 2026. With the bidder now selected, both companies will move ahead with the approvals required before the agreement can be implemented. The transaction remains subject to Pakistan’s regulatory framework for third-party gas sales, including the clearances required under S.R.O. No. 11(I)/2025 before commercial deliveries can start.
Mari Energies operates the Waziristan Block and holds a 55% working interest in the project. Oil and Gas Development Company Limited owns a 35% stake, while Orient Petroleum Inc. holds the remaining 10%. The partners are expected to benefit from the project’s commercial development once the required approvals are secured and the agreement is formally put into effect.
The announcement drew a positive reaction in the stock market. By 10:45am on August 3, 2026, Mari Energies’ share price had increased by Rs7.19, or 1.11%, to Rs653.59, reflecting investor confidence in the latest progress.
Mari Energies, originally established in 1984 as Mari Petroleum Company Limited, later rebranded as it expanded beyond oil and gas exploration into services, mining, and technology-related ventures. The latest award signals continued momentum for the Spinwam project, although production will still depend on the completion of regulatory and contractual requirements.
