New oil reserves discovered in Pakistan, first ever discovery in the area

ISLAMABAD – New oil reserves have been discovered by Mari Petroleum CompanyLtd (MPCL).

MPCL has made the first-ever oil discovery in Chiltan and Moro/Mughal KotFormations in Balochistan.

The company informed the PSX on Friday that the Ziarat Joint Venture hadmade a new oil discovery well Bolan East-1 in Ziarat Block, near Mach Cityin Kachhi district of Balochistan.

MPCL is the operator with 60 per cent working interest while PakistanPetroleum Ltd (Europe ) holds 40pc stake in the joint venture.

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The company further observed in regard to the oil discovery that the wellwas spud-in on May 22, 2018 and successfully drilled down to the depth of1,500 metres, with the objectives to test the hydrocarbon potential ofDunghanj, Moro/Moghul Kot and Chiltan Formationsj.