ISLAMABAD -;Pakistan Petroleum Limited (PPL) is planning to export up to400,000 barrels of crude condensate produced from its Gambat South Blockaccording to a local media house.link
According to the report, Gambat South is located in District Sanghar,Sindh. The block was granted to PPL in December 2009. Later, the companyfarmed out 10 percent of its working interest in the block to AsiaResources Oil Limited and 25 percent to Government Holdings (Private)Limited in June and July 2010, respectively.
The report stated that the company is exploring more opportunities to growinternationally. It wants to become the regional leader in exploration andproduction.
According to a company document, PPL aims to export as much as 32,500barrels/month through a third party contractor.
Nine discoveries, Wafiq, Shahdad, Sharf, Kinza, Faiz (two formations),Kabir, Hatim, and Zafir have been made in the Gambat South block with thelatest made in April 2017. Last year, Gambat South Block produced 830barrels of condensate/day.
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Pakistan’s oil production has increased but this increase is coming in theshape of condensate and other light crudes which the local refineries couldconvert primarily into furnace oil (FO). “Since furnace oil demand hasdeclined to zero and a local refinery is already exporting its produce, thecrude condensate exports will increase going forward,” said an industryofficial.
Pakistan Petroleum exported crude condensate worth Rs. 1.24 billion for theyear ended June 30, 2019. According to the Pakistan Bureau of Statistics(PBS), the country’s overall crude/condensate exports were $110.319 millionin the first half of the current fiscal year.
Pakistan produces around 85,000 barrels of oil/day which constitutes around15 percent of the oil consumption, with the rest imported from abroad.
