*KARACHI: *State-owned Pakistan Petroleum Limited (PPL) has emerged as the first Pakistan-based oil and gas exploration firm to have gone global as it has started drilling a well in Iraq, where gas deposits of 200-300 million cubic feet per day (mmcfd) are expected to be found.
PPL , the operator of Block 8 in Iraq, drilled the exploration well named Madain-1 on April 14, 2019. The block is located in the Mesopotamian basin and “it is surrounded by areas that have several large oil and gas fields”, the exploration firm stated in a notification sent to the Pakistan Stock Exchange (PSX) on Tuesday.
The well, which was being drilled on an integrated project management basis by a Chinese drilling contractor, Zepec, marked a significant milestone in the company’s history as its first international exploration well, the company said.
“Notably, the company is also the first Pakistani oil and gas exploration and production company to have a footprint as an operator on the international oil and gas map,” it said.