Pakistan Oilfields finds new deposits of oil, gas in K-P

[Shahzaz ud din]

Pakistan Oilfields finds new deposits of oil, gas in K-P
By Our Correspondent
Published: November 7, 2017
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PHOTO: FILE

KARACHI: Pakistan Oilfields Limited (POL) announced on Tuesday the discovery of additional deposits of oil and gas in a developing well located in the province of Khyber-Pakhtunkhwa (K-P).

“As per information received from MOL, the operator of TAL Block, hydrocarbons have been encountered in a development well in Makori East-06, which has been drilled and is currently under testing phase,” POL Company Secretary Syed Khalid Nafees said in a notification to the Pakistan Stock Exchange (PSX).

As a result of drill stem test (DST) conducted at the well to test the potential of Hungu and Lumshiwal formations, the well has tested 1,817 barrels per day of condensate [oil] and 4.63 MMscf (million standard cubic feet) of gas per day,” he said.

POL makes major oil, gas find in Punjab

Production from the well is expected to start from February 2018, he added, with the pre-commerciality working interest of POL being 25%.

POL’s share price increased 1.14%, or Rs7.21, to Rs638.76 with a volume of 638,100 shares on Tuesday.

The share price-hike may partially be linked with an uptrend in oil prices at world markets amid ongoing political turbulence in Saudi Arabia.

IGI Securities said in a commentary that “gas production from the well will be priced under Petroleum Policy 2012 (PP12) as Tal block has been converted to PP12.”

Pakistan’s oil and gas discoveries touch record

It added that Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company Limited (OGDC) hold 27.8% stake each, whereas MOL being the operator holds 8.4% in Tal Block.

PPL’s share price surged 0.88%, or Rs1.73, to Rs199.09 with a volume of 1.49 million shares. OGDC’s share price rose 0.35%, or Rs0.57, to Rs162.49 with a volume of 2.42 million shares.

“Based on our estimate, we expect annualised earnings impact of Rs0.09 per share (0.5% of FY18 earnings) for OGDC, Rs1.47 per share (2.4% of FY18 earnings) for POL and Rs0.20 per share (1.0% of FY18 earnings) for PPL, based on oil price assumption of %55 per barrel,” it said.


Read more: K-P , Khyber-Pakhtunkhwa , Oil discovery

 

[ArcaniusXI]

The more the merrier.

 

[Ultimate Weapon]

Ahhh.... When we hear the news that "new discovery will produce 100,000 BPD"

BTW. What will be the total production of Pakistan after this discover.

 

[ziaulislam]

no new exploration has been carried out in blocks that we already know of, this is true for last 20 years now
so dont expect a new discovery
major potential areas of Baluchistan, Gwadar, offshore gawadar and sindh and FATA have not even been mapped

unless govt companies like OGDCL take initiative with help of govt funding nothing is going to change

 

[Kabira]

Ahhh.... When we hear the news that "new discovery will produce 100,000 BPD"

BTW. What will be the total production of Pakistan after this discover.

Not much left in conventional resources but Pakistan have relatively huge reserves of shale oil/gas.

 

[AZADPAKISTAN2009]

Shale unfortunately increases earth quakes , and having earth qauke zone created infront of Karachi or Gwadar is generally not an ideal scenario

Pakistan however is blessed with Hydral Power and there is ample potential with Solar power specially in Baluchistan province to create ample needed energy

Also supplimental cheap Oil and Gas or electricity can always be imported from Iran or Qatar or Saudi Arabia

Pakistan also is in process of Setting up increased capacity Nuclear power plant to generate
1,000 MW to 10,000 MW additional energy

https://tribune.com.pk/story/144702...ts-karachi-start-generating-electricity-2018/


Eighth Nucler plant is approved and further 4 units are planned by 2030
https://www.reuters.com/article/pak...l-new-nuclear-reactors-official-idUSL8N1N668Q

 

[Hyde]

whenever i read the title of such threads, I start laughing that when I will eventually open the thread they will say 1500 barrels of oil per day can be produced....

Come om we need large oil deposits if any or drop posting such news every month

 

[Ultimate Weapon]

Instead of opening new threads for just a petty discoveries. Why don't a sticky thread been created.

 

[Safriz]

currently Baluchistan only produces 17% of Pakistan total domestic gas. But their Huqooq mafia also does the biggest رنڈی رونا

 

[Chak Bamu]

currently Baluchistan only produces 17% of Pakistan total domestic gas. But their Huqooq mafia also does the biggest رنڈی رونا

Do note that Sui gas field does not produce as much as it used to, because it is close to depletion. Since all of Pakistan enjoyed the benefit from Sui Gas for 4 decades and more, I suggest you tone down your negativity a few notches. It is 100% OK to demand rights. Not recognizing rights is 100% wrong.

You think a multi-ethnic country can be kept together when uninformed and de-contextualized views like yours go around unchallenged? What ever ethnicity you are from, I guarantee that someone can point out randi-rona from your ethnicity too. So, take it easy and be nice to your fellow-countrymen, especially when they are actually right.

 

[niaz]

The report says ‘Condensate’ therefore this is a gas field not an oilfield. Condensate, also called NGL (Natural gas liquid) is essentially naphtha mixed with small quantities of kerosene & gas oil fractions.

Most common use being as feed for the petrochemicals and /or after processing and splitting, light part going for ethylene production and heavier part for the motor gasoline manufacture.

Production from this filed is however rather small. However even a small gas field is better than ‘nothing’