New oil and gas discovery made in Rawalpindi district
ISLAMABAD - Pakistan Petroleum Limited (PPL) has announced the discovery of Hydrocarbons from Exploratory Well ‘’Adhi South X-1, Adhi Mining Lease which is located in district Rawalpindi, Punjab.
The company has 39% working interest in the Adhi Mining Lease and operates it. The Adhi South X-1 well was drilled to test hydrocarbon potential of Khewra sandstone formation.
PPL’s share price increased 1.36%, or Rs 2.70, to Rs 201 with a volume of 180,500 shares at the Pakistan Stock Exchange (PSX).
Pakistan Petroleum Limited is the pioneer of the natural gas industry in the country and has been a frontline player in the energy sector since the mid-1950s. PPL contributes over 20 percent of the country’s total natural gas supplies besides producing crude oil, Natural Gas Liquid and Liquefied Petroleum Gas.
Pakistan has ramped up work on finding vast deposits of tight gas in the wake of rapid depletion of conventional gas reserves in the country.
PPL and its subsidiaries hold a portfolio of 44 exploration blocks. 26 blocks are operated by PPL (including one in Iraq operated by PPLA) and 18 are operated by the company’s partners including three offshore blocks in Pakistan and two on-shore blocks in Yemen.