Huge discovery of gas deposits in Sindh announced

Huge discovery of gas deposits in Sindh announced

Mari Petroleum Company Limited (MPCL) has announced its second consecutive discovery of gas deposits in Ghotki district of Sindh.

Company Secretary Assad Rabbani, in a notification to the Pakistan Stock Exchange, said on Wednesday that the discovery was made at exploratory well Shaheen-I in the Mari lease area.

“(Shaheen-I) flowed at a combined rate of 12.334 mmscfd (million standard cubic feet per day},” he said. “The production from Shaheen-I well qualified for the 2012 petroleum policy price.”

The rate of flow is reported after the application of acid, which usually increases the output.

The well was drilled down to the depth of 1,175 metres to explore and test the hydrocarbon potential of Sui Main Limestone and Sui Upper Limestone on January 5, 2017.

Mari Petroleum was the sole owner and operator of the Mari gas field, the largest gas field in the country in terms of balance reserves, Rabbani said.

The company’s stock price rose 0.66%, or Rs8.69, and closed at Rs1,305.54 with a volume of 33,720 shares at the stock exchange. The gain was in stark contrast to a significant drop in the broader market, which dived 670 points.