Pakistan Petroleum Limited achieves milestone landmark
KARACHI (APP): The net production of Pakistan Petroleum Limited (PPL) has crossed 1 BCFED, an official announced here on Wednesday.
He said that the PPL achieved a major milestone in November with net PPL production once again crossing the 1 Bcfe/day-mark, resulting in an overall production increase of more than 10 percent during the current year as compared to 2014-2015.
He said that this has been made possible largely due to the company's structural reorganization to an asset-based hybrid set-up in mid-2015, enabling renewed focus to optimize reserve replacement and production from mature assets and fields.
Looking to the future, PPL continues to improve production efficiencies and implement an aggressive exploration programme to enhance production while maintaining a healthy reserve replacement ratio.
During 2015-2016, for instance, the company made six discoveries and drilled 12 exploratory wells in operated blocks and achieved 127 percent reserve replacement ratio.