ISLAMABAD – Pakistan Petroleum Limited (PPL) has announced that it has madetwo discoveries of hydrocarbon reserves in Sindh and Balochistan.
In a notification to the PSX, the company announced that it has discoveredhydrocarbon reserves in an exploratory well, Bistro-1 in Latif block, whichis located in Khairpur district, Sindh and exploratory well, Margand X-1,in Margand Block, in Kalat plateau, Balochistan.
Pakistan Petroleum is the sole operator of the exploratory well and holds100% working interest in it.According to the details, the well was spud on 30th June, 2019 to measurethe depth of 4500 meters inside Chiltan Limestone.
Modular dynamics testing was done which proved the presence ofhydrocarbons. Accordingly, a drill stem test was done in Chiltan Limestone,during which the well flowed a maximum of 10.7 million cubic feet per dayof gas at 64/64 inches choke size at a flowing level of head pressure of516 pounds per square inch with 132 barrels per day liquid.
However the nature of the liquid is being investigated and the well has thepotential to flow at higher rates after an acid stimulation job, stated thecompany.
It is highlighted that this is the first gas discovery on Kalat Plateau andit has opened a new sub-basin for further hydrocarbon exploration. Thediscovery of Margand X-1 well is the result of an aggressive strategy inthe exploration of frontier basins adopted by PPL, to open new avenues forhydrocarbon exploration and production in Balochistan.
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Cumulatively, the company has discovered 39.3 MMscfd of gas.
These two discoveries are the result of the company’s aggressive strategyof exploration in order to reach new avenues for hydrocarbons explorationand production.
Both the discoveries will add to the company’s hydrocarbon reserves andwill contribute in reducing the gap between the supply and demand of oiland gas in the country through exploitation of indigenous resources.
At the time of filing this report, PPL’s shares at the bourse were tradingat Rs. 134.20, down by Rs. 6.52 or -4.63% with a turnover of 4,305,900shares on Monday.
