Latest news about Oil Gas possible discovery

[Men in Green]

1.5b thats penuts.

 

[Hakikat ve Hikmet]

The positive being its unlikely to be a stand alone find and the entire region has oil somewhere

We just need a reasonable find

The most reliable and complete report with the most detailed projections is lying on the desk of the POTUS at the Oval Office!!! Hence, IK is trying to dodge going there....

Hon Indus Pakistan,

1.5-billion bbl OE reservoir may be below our expectations but even "IF" that much is actually found it is something to be happy about. At today's prices, 1.5-billion bbl oil in place is worth about $100-billion!

Additionally, you would not exhaust the reservoir in 4 or 5 years. Too much extraction too soon can seriously damage the oil bearing structure. Reservoir Engineering is a discipline which estimates the maximum output from a hydrocarbon reservoir without damaging its integrity.

One seldom exhausts a petroleum/gas reservoir at the maximum rate determined by the reservoir engineers. Arguably any investor would like to take out as much money as possible for the longest period possible. Since international petroleum prices fluctuate wildly; "Optimum" level also takes into account future price expectations.

Hydrocarbons and blood flow together. Pak has already shed enough of the latter, so the former is just now a formality Insha'Allah...

 

[Umar Nazir]

20 billion

20 billion will be the real happiness for all patriotic Pakistanis, as 20 billion will be more than enough to transform our economy into the developed and prosperous one

 

[zulu]

Does it one of reason of getting state visit invitation to US this year ??

The most reliable and complete report with the most detailed projections is lying on the desk of the POTUS at the Oval Office!!! Hence, IK is trying to dodge going there....

 

[Umar Nazir]

one important thing is that as per agreement, Exxon will immediately invest more than 10 billion dollar in Pakistan oil and gas sector if discovery become confirmed in next few weeks

 

[Tps43]

Tom loog meri wardi ottarway kay hi dum logay.

Tom loog meri wardi ottarway kay hi dum logay.

Bloody civi ziyada ache lagte hein app

 

[PakSword]

Among the offshore sites with a prospective pre drill estimates of 500 million plus barrels, this is one of them..

This is consistent with 500+ million barrels pre drill estimate.. I have heard that only where the estimate is more than 500+ million barrels, the drilling is done.. so among those which have 500+ pre drill est. this one also had a 500 + (roughly 1.5 billion barrels).

This is an old information..

Now people who have access to new information, they are speculating that the oil is more than 10 billion barrels, some people are saying up to 30 billion barrels.. As of now, only Allah knows how much is there.. but something is there for sure and it is more than 500 million plus..

 

[FOOLS_NIGHTMARE]

I think someone with offshore drilling expertise should give us some snippets. According to my feeble knowledge attempts to drill out Oil and Gas has been carried out on and off in these regions since the 60s. Some say the first attempt failed a side track well was drilled and has reached a few thousand meters and showed a kick. One well cannot give the exact measure of the resource.Whatever the outcome be the recoverable oil will be around 20%.Factors that will effect the flowrate will be the rocks permeability,porosity,fluids viscosity,pressure of the bed and some other geothermal factors. Oil and gas are present every where and can be extracted using fracking technology depending on the economics. I hope and pray we get good news but i will not count my chickens as yet even if successful it will take years to be commercially productive.

 

[Samlee]

Unlike some of the videos I have seen made in Pakistan. This one is made by a rational & informative person.



Regret to disagree. To the best of my info, the largest off-shore oil field in the world is the "Safaniya" oil field located in the Arab Gulf off Saudi Arabia. The field has about 50-billion bbl of oil in place out of which 36-billion bbl is recoverable.

Sir You Have Been Quite The Cynic When It Came To Offshore Hydrocarbons Do Still Hold You're Opinion Or Are You Willing To Change It???

Among the offshore sites with a prospective pre drill estimates of 500 million plus barrels, this is one of them..

This is consistent with 500+ million barrels pre drill estimate.. I have heard that only where the estimate is more than 500+ million barrels, the drilling is done.. so among those which have 500+ pre drill est. this one also had a 500 + (roughly 1.5 billion barrels).

This is an old information..

Now people who have access to new information, they are speculating that the oil is more than 10 billion barrels, some people are saying up to 30 billion barrels.. As of now, only Allah knows how much is there.. but something is there for sure and it is more than 500 million plus..

Maybe That Is Why Faisal Vawda Has Been Jumping Up and Down For The Past Few Days

 

[PakSword]

Maybe That Is Why Faisal Vawda Has Been Jumping Up and Down For The Past Few Days

He carries a childish behavior.. There is no harm in waiting for a few more months (if not weeks) for the exact number..

What if the estimates are 20 billion barrels but difficult to recover that fails cost/ benefit balance? The whole nation will be disappointed.

We don't only need reserves, we need easily recoverable reserves with all the other geological conditions meeting the criteria..

Oil or no oil, the only way forward for Pakistan is education. Arabs have oil, but low population, we don't have oil, but we have a large population which can prove to be our best resource that only gets better generation after generation once educated..

 

[Fledgingwings]

I guess we will have to wait until it gets official.

 

[Clutch]

The questions are:

1. Is the 1.5 Billion bbls a well estimate or the current recoverable for a single well pool?
--> if it is a single well estimate then they will have to drill other delineation wells and those reserves numbers will go up (geology dependent). I don't think rystad energy has the information about the Well Test data that was just collected in March from this well.
--> The Well Test data is what will truly define what the reserves look like from this single well's perspective. Those numbers will be further refined as they drill other delineation wells (i.e. more wells in the same geological pool - same zone/formation)

2. Is is the the original oil in place estimate or the recoverable oil?
--> You never recover 100% of the oil from any original oil in place numbers. The primary recovery could be (ballpark number) 35% ... Therefore, they will only recover 1.5 Billion * 35% = 525 millions bbls

3. Will Pakistan reap the benefits from this single well in the short term?
--> No, you never open up your well to its maximum capacity because you risk standing reserves. Proper depletion strategy is about maintaining a production rate that prevents gas coning (you don't want to produce your gas cap) and to prevent water breakthrough. Basically if you produce too much you will start producing water and potentially loose your well (investment). The oil companies employ rate controls as part of their field development strategy.

I hope the 1.5 Billion is just a single well estimate and the pool potential is greater. Pakistan needs more.

On a positive note, even with 1.5 billion. They now know there is potential offshore Pakistan in the Indus delta. It will encourage future exploratory wells.

 

[niaz]

Sir You Have Been Quite The Cynic When It Came To Offshore Hydrocarbons Do Still Hold You're Opinion Or Are You Willing To Change It???




Maybe That Is Why Faisal Vawda Has Been Jumping Up and Down For The Past Few Days

Hon Sir,

All that is definite thus far is that Exxon Mobil is drilling offshore about 250 Km from Karachi coast. Even though prospects are good, there is another 1000 meters to drill before we know what & how much is there if at all.

Deep sea wells are at least twice as costly as the onshore ones. Besides, transportation from the wellhead to the coast also requires a lot more capital. There are two foreign partners, hence Pakistan's share would be about 50%.

I have already said my bit in this regard in earlier posts in other threads. Any other meaningful comments can only be made after the final results are known.

 

[Murgah]

 

[AgNoStiC MuSliM]

It’s not ‘good news’ in terms of the discovery of gas/oil reserves - they finished drilling till 5000 meters. The final report on whether any recoverable has/oil reserves exist hasn’t been released.

No reason to celebrate yet.