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Pakistan Confirms Massive Oil and Gas Discovery in KP Province

Pakistan Confirms Massive Oil and Gas Discovery in KP Province

ISLAMABAD – Pakistan has discovered new oil and gas deposits in the Kohat district of Khyber-Pakhtunkhwa (KP) province.
The discovery was reported by the state-owned company Pakistan Oilfields Ltd. (POL), at the exploratory well in Tal Block, Mamikhel South-01.
Such Block is considered one of the most significant hydrocarbons producing blocks in the country.
“The good test has shown 3,240 barrels of condensate per day, 16.12 mmscf (million standard cubic feet) of gas per day and 48 barrels of water per day,” POL announced in a notice on the Pakistan Stock Exchange (PSX ).
“Actual production may differ significantly from test results.”
POL owns a 21% stake in the Tal Block, while Pakistan Petroleum Ltd. (PPL) and the Oil and Gas Development Company (OGDC) each own 28%.
MOL Pakistan, a wholly-owned subsidiary of Hungarian oil and gas exploration multinational MOL Group and which has about 8.4 percent in the Tal Block, also shared the news of “significant” gas and condensate reserves in Pakistan.
“I am pleased to announce that we have made another discovery in Pakistan,” said BerislavGaso, executive vice president of exploration and production for the MOL Group.
“This discovery has decreased the risk of research in a deeper deposit in the Tal Block, creating new upside opportunities. MamikhelSouth-1 development will also help improve the country’s energy security from indigenous resources. ”
The MamikhelSouth-1 exploratory well in the Tal Block achieved a flow of 6,516 barrels of oil equivalent per day during tests, the company said. This marks the thirteenth discovery of MOL in Pakistan and the tenth discovery in the Tal Block. MOL is one of the leading producers of LPG and gas in Pakistan.
The current discovery comprises approximately 15% and 5% of Tal Block’s current total oil and gas production, respectively, reports suggest.
Mamikhel South is expected to be added to production soon due to its proximity to another field.
Experts have welcomed the news of the recent discovery, but also called for the exploitation of unconventional oil and gas assets, such as oil shale and oil shale gas, as well as inviting foreign companies to boost the oil sector and country gas.
Pakistan depends on imports for around 80 percent of its energy needs, spending nearly $13 billion a year on crude oil and gas.
The country’s total oil production is 89,000 barrels per day (bpd) and 3,936 million cubic feet per day (mmcfd). Demand increases by 8 percent a year.
(Sahar News Monitoring Desk)

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