Mari Energies Limited has officially issued a ‘Letter of Award’ for the sale of gas from the Spinwam Gas Discovery. Universal Gas Distribution Company (UGDC) (Pvt) Ltd emerged as the successful bidder for this agreement. The gas discovery is located in the Waziristan Block, KP. Mari Energies formally shared this price-sensitive information with the Pakistan Stock Exchange (PSX) today, August 3, 2026.
Mari Energies initially advertised an Invitation to Bid on May 15, 2026. After successfully concluding the bidding process, the company awarded the contract. Consequently, Universal Gas Distribution Company will purchase up to 17.5 MMscfd (million standard cubic feet per day) of gas from the discovery. Moving forward, both parties will obtain all requisite regulatory approvals. They will strictly follow the Framework for Sale of Gas to Third Parties. The government previously notified this framework via S.R.O. No. 11(I)/2025 on January 7, 2025.
Currently, Mari Energies operates the Waziristan Block. The company holds a majority 55% working interest in this joint venture. Furthermore, Oil and Gas Development Company Limited holds a 35% working interest. Lastly, Orient Petroleum Inc. maintains the remaining 10% share. Company Secretary Brig Sumair Ashraf Sheikh (Retd) signed off on this official disclosure to ensure immediate dissemination to exchange certificate holders.
