In a first, Pakistan Petroleum Limited plans to export crude condensate
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ISLAMABAD -;Pakistan Petroleum Limited (PPL) is planning to export up to 400,000 barrels of crude condensate produced from its Gambat South Block according to a local media house. link
According to the report, Gambat South is located in District Sanghar, Sindh. The block was granted to PPL in December 2009. Later, the company farmed out 10 percent of its working interest in the block to Asia Resources Oil Limited and 25 percent to Government Holdings (Private) Limited in June and July 2010, respectively.
The report stated that the company is exploring more opportunities to grow internationally. It wants to become the regional leader in exploration and production.
According to a company document, PPL aims to export as much as 32,500 barrels/month through a third party contractor.
Nine discoveries, Wafiq, Shahdad, Sharf, Kinza, Faiz (two formations), Kabir, Hatim, and Zafir have been made in the Gambat South block with the latest made in April 2017. Last year, Gambat South Block produced 830 barrels of condensate/day.
Pakistan’s oil production has increased but this increase is coming in the shape of condensate and other light crudes which the local refineries could convert primarily into furnace oil (FO). “Since furnace oil demand has declined to zero and a local refinery is already exporting its produce, the crude condensate exports will increase going forward,” said an industry official.
Pakistan Petroleum exported crude condensate worth Rs. 1.24 billion for the year ended June 30, 2019. According to the Pakistan Bureau of Statistics (PBS), the country’s overall crude/condensate exports were $110.319 million in the first half of the current fiscal year.
Pakistan produces around 85,000 barrels of oil/day which constitutes around 15 percent of the oil consumption, with the rest imported from abroad.
