One of Pakistan’s leading oil and gas exploration company, Pakistan Oilfields Limited (POL), recently discovered oil and gas in upper Punjab.
In a notification to the Pakistan Stock Exchange (PSX), POL stated, “The company tested hydrocarbons from its development well Pindori-10 situated in Rawalpindi, Punjab.”
POL’s positive take on the newly found oil and gas reserves!
POL informed that Pindori 10 drilling started last year on January 28, 2019. It was able to attain its required depth at 13,701 feet. For testing the Lockhart Foundation, the Drill Stem Test (DST) had been conducted at the well. The well has tested 832 barrels per day of oil which makes 2.76 million cubic feet per day and 330 barrels of water regularly after DST.
Within Pindori D&P lease, POL has a working interest of 35%. While Attock Oil Company and Oil and Gas Regulatory Authority (OGRA) have share of 15% and 50%, respectively.
OGDCL announced in January 2020 regarding discovery of condensate and gas at an exploratory well in Ranipur, Sindh. Nearly 1.85 million cubic feet per day of gas, six barrels per day of condensate had been tested at the well.
The discovery is due to an aggressive strategy of exploration adopted by the company for the pursuit of the government directives. This will help to produce and explore local oil and gas. This will also add to the hydrocarbon reserves of the country.
Hope for economic improvement!
The incumbent government of Pakistan Tehreek e Insaf (PTI) has been focusing on stabilization of the economy of the country. The efforts of PM Imran Khan have certainly created a significant influence on the global market. This exploration would help to rectify Pakistan’s current financial turmoil.
Various other discoveries have been made in the last few years by different oil and gas companies. In November 2019, OGDCL had discovered new reserves of oil and gas while drilling in areas of Sindh for oil and gas deposits. After drilling different areas of Sindh for other findings, the new exploration can result in turning into the interest of Pakistan.
Since the year 2000, no major discovery of oil and gas has been made by Pakistan. This has now resulted in forcing various international companies to shift out of the country. Due to this reason, Petronas, British Petroleum and Niko Petroleum have now moved out of Pakistan as a result of low discoveries of hydrocarbon. Moreover, for overcoming the gas shortage in Pakistan, the country now relies on imported gas.
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