KARACHI: Pakistan Oilfields Limited (POL) has made new discoveries of huge crude oil and gas reserves in Khyber Pakhtunkhwa
The company, with the joint venture of MOL, discovered significant reserves of crude oil and gas from a new well in Makori Deep-01, Tal Block.
POL Secretary Syed Khalid Nafees, in a notification to the Pakistan Stock Exchange (PSX), stated that the well has tested 2,020 barrels per day of crude oil, 5.4 mmscf (million standard cubic feet) of gas per day. The pre-commerciality working interest of POL in the block is 25%, he said.
The well, under the Makori Development & Production Lease, “has been drilled and is currently under testing phase,” he added.
Well simulation through acid wash is also planned and true potential of the well would be known after the conclusion of acid stimulation job. Production from the well would start after the completion of pipeline to the production facility.
In a note after the discovery, Arif Habib Limited said the gas of the well qualifies to be priced according to Petroleum Policy 2012. Oil and Gas Development Company Limited (OGDC) and Pakistan Petroleum Limited (PPL) have stakes of 27.8% each, while POL has 21.1% stake in the block, it said.
