Another landmark oil discovery in Khyber Pakhtunkhwa

[Omar1984]

OGDCL hits another landmark oil discovery in Khyber Pakhtunkhwa


The OGDCL Operator of Nashpa Exploration Licence, together with its Joint Venture partners Pakistan Petroluem Limited (PPL) and Government Holding Private Limited (GHPL) have discovered a new hydrocarbon bearing horizon from its appraisal well Nashpa 02, located in District Karak, Khyber Pakhtunkhwa.

The structure of well was delineated, drilled and tested utilising indigenous expertise.

Nashpa Well No 02 was drilled down to the depth of 4340 metre targeting to test the oil and gas potential of Datta, Shinawari, Samanasuk, Lumshiwal, Hangu and Lockhart formations.

Significant reserves of hydrocarbons have been found at Nashpa Well No II.

The first targeted zone "Datta Sandstone" has been tested and produced 3370 barrels per day of crude oil and 11 MMCFD gas through 32/64" choke at well head flowing pressure 3800 PSI.

This discovery will add to the hydrocarbon reserves base of the company and joint venture partners, bringing significant savings to the country in term of oil import bill.

Testing of another four potential reservoir formations will also be undertaken wherein similar encouraging results are expected.

The full flow potential of this well and the extent of the discovery will be determined after completing the testing program.



OGDCL hits another landmark oil discovery in Khyber Pakhtunkhwa | Business Recorder

 

[Omar1984]

OIL DISCOVERY

OGDCL’s discovery of “significant reserves” of hydrocarbons in KP comes at a good time for Pakistan’s stressed reserve-position. Not only has oil’s erratic rise in the international market played havoc with predominantly commodity-import economies, it has also fed into healthy remittances coming Pakistan’s way. More importantly, the landmark discovery will position Islamabad to bolster savings and become more self-reliant.

It is important to note that oil industry dynamics and pricing patterns have departed from traditional norms in the current, strained situation among swing producers. Usually, Saudi Arabia, the market-dubbed central bank of black gold, pushes for lower prices than its more hawkish counterparts in opec (read Venezuela and Iran). The reasoning is simple. Higher prices push down demand in strong western economies, undermining oil earning in the long run. But with the Saudi’s having to float $138b to grease appropriate palms in the eastern provinces, Riyadh’s breakeven price has jumped to the $90-95 mark, opening a brand new chapter in international oil pricing politics. Absent a game changer, oil is unlikely to mimic the dramatic ’08-’09 hundred-dollar drop.

These developments make indigenous extraction, refining and production that much more important. Any hike in oil prices translates into inflation across the board, since the commodity makes for the chief input cost in all industries. Pakistan’s abnormally large oil import bill has kept it hostage to cross currents in international political economy for far too long. It is heartening that testing of four more potential reserves is being undertaken, with expectation of similar results.

Now, Islamabad must quickly position to translate these gains to the wider economy, where high input costs, along with acute power shortage, are retarding production and growth. This discovery should play a significant role in easing the centre’s fiscal crunch.



Oil discovery | Pakistan Today | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia

 

[Omar1984]

OGDC discovers oil and gas at K-P field

Oil and Gas Development Company holds a major stake of 56.5% in the block followed by Pakistan Petroleum Limited with 26.1%. PHOTO: FILE

KARACHI: Oil and Gas Development Company (OGDC) has discovered oil and gas at Nashpa-2 field in Karak district of Khyber-Pakhtunkhwa, according to a statement issued by the company on Monday.

Initial flow indicates incremental production of 3,370 barrels of oil per day and 11 million cubic feet per day (mmcfd) of gas.

OGDC, the country’s largest oil and gas explorer, operates the field in partnership with Pakistan Petroleum Limited (PPL) and Government Holding Private Limited.

Full flow potential of this well and the extent of the discovery will be determined after completing the testing programme, the statement said.

OGDC holds a major stake of 56.5% in the block followed by PPL with 26.1%. As a result of the new find, earnings of OGDC and PPL are expected to rise by Rs0.6 and Rs0.91 per share, respectively, according to Global Securities.

“Discovery was struck in Nashpa-I in September 2009 which is currently producing 5,900 barrels per day of oil and 19 mmcfd of gas. Meanwhile, drilling is currently in progress at Nashpa-3, which is expected to further enhance flows.

More findings to follow

Expectations are ripe from another field called Zin-I, located in Dera Bugti, Balochistan in the vicinity of major fields like Sui and Uch, according to InvestCap.

OGDC acquired the block in 1996 and holds an 82.5% stake. Due to worsening law and order situation in the area, drilling was delayed by 14 years. Although it is premature to assess the actual flow to be generated by the field, gas flow of 500 mmcfd is expected, which would add Rs3 to Rs3.5 per share to OGDC’s net profit, adds the note.

Published in The Express Tribune, November 15th, 2011


OGDC discovers oil and gas at K-P field – The Express Tribune





Khyber Pakhtunkhwa is going to make Pakistan rich

 

[Al Bhatti]

Khyber Pakhtunkhwa is going to make Pakistan rich

Not until we have corrupt politicians in the parliament.

 

[Omar1984]

Not until we have corrupt politicians in the parliament.

InshAllah Pakistan will become richer than Saudi Arabia and Iran once Imran Khan kicks out all the corrupt politicians. Pakistan is blessed with so many natural resources. Theres more oil and gas reserves in Balochistan and near Pakistan's coastal areas. Also there is 175 billion tonnes of coal reserves sitting in Sindh. Copper and Gold in Balochistan. I can go on and on with the vast amount of natural resources Allah has blessed Pakistan with.

We just need good leadership.

 

[somebozo]

32/64" choke at well head flowing pressure 3800 PSI.

At those pressures means there is plenty of reserve underneath the earth!

 

[OrionHunter]

Khyber Pakhtunkhwa is going to make Pakistan rich

Khyber Pakhtunkhwa was always rich in resources. Pakistan should have started exploring oil and NG much earlier. I wonder why the delay?

Anyway, congrats to Pakistan's Oil and Gas Development Company (OGDC) for the find.

Cheers!

 

[Tangent]

...........so good bye TAP and IP ????

 

[naumananjum]

this is a good news and we are blessed with many other things
but
with these types of leeders...

 

[T90TankGuy]

its one thing to be blessed with natural resources. another if you can make them work for you . case and point is the vast coal reserves we have but are not able to mine them because of naxilism and the mining mafia.

 

[Doctor09]

we have lot of natural resources but we lack planning and commitment to utilize them

 

[RazPaK]

Due to Pakistan's small size and vast resources, the country could become the leading model country of Asia, if all the riches were utilized.

 

[Omar1984]

Another discovery in Khyber Pakhtunkhwa



POL hits oil, gas in TAL Block


Pakistan Oilfields Ltd (POL) has discovered hydrocarbons in TAL Block in its development well Manzalai-9, which is being drilled and completed in Khyber Pakhtunkhawa Province of Pakistan.

According to POL communiqué here on Tuesday, the well has tested 580 barrel per day of oil and 23.3 mmcf gas per day during at 32/64" fixed choke size at flowing wellhead pressure of 4000 psi in during drill stem test (DST) at Lockhart and Lumshiwal formations.


Samanasuk formation has tested 716 barrel per day of oil and 6.72 mmcf gas per day during at 32/64" fixed choke size at flowing wellhead pressure of 1658 psi.

A DST is a procedure for isolating and testing the surrounding geological formation through the drill stem.


POL hits oil, gas in TAL Block | Business Recorder

 

[nomi007]

we have all resources
like coil,oil,gas,copper,and gold
but we also have corrupt mafia leaders

 

[Thorough Pro]

Another good news for Pakistan. I hope 2012 brings great news every single day of this year.