ISLAMABAD - New oil reserves have been discovered by Mari Petroleum Company Ltd (MPCL).
MPCL has made the first-ever oil discovery in Chiltan and Moro/Mughal Kot Formations in Balochistan.
The company informed the PSX on Friday that the Ziarat Joint Venture had made a new oil discovery well Bolan East-1 in Ziarat Block, near Mach City in Kachhi district of Balochistan.
MPCL is the operator with 60 per cent working interest while Pakistan Petroleum Ltd (Europe ) holds 40pc stake in the joint venture.
The company further observed in regard to the oil discovery that the well was spud-in on May 22, 2018 and successfully drilled down to the depth of 1,500 metres, with the objectives to test the hydrocarbon potential of Dunghanj, Moro/Moghul Kot and Chiltan Formationsj.