Oil production from Tal crosses 9,000bpd

Pakistan Oilfields to profit the most.

KARACHI: Oil production from Tal block has increased to more than 9,100 barrels per day (bpd) from 7,600 bpd, according to Pakistan Petroleum Information Services which tracks oil and gas production numbers.

Pakistan Oilfields remains the major beneficiary from this surge with full earnings impact of Rs3.8 to Rs4 per share, according to Topline Securities. Similarly, annualised earnings impact on Oil and Gas Development Company and Pakistan Petroleum Limited is Rs0.21 per share and Rs0.77 per share, respectively.

The notable increase in oil production is witnessed from Manzalai-CPF field which is now producing 7,500 bpd against last week’s production of 6,000 bpd, said Topline Securities analyst Farhan Mahmood in a research note.

Tal block includes Manzalai, Mamikhel, Maramzai and Makori fields.

Higher production from Manzalai in Tal block is primarily due to commissioning of Maramzai, the second last discovery in Tal block, which initially tested to produce approximately 800 bpd of oil. Moreover, oil production numbers from Maramzai also improved.

Gas production

Similarly, gas production from Tal block surged to 340 million cubic feet per day (mmcfd) from 300 mmcfd. This is mainly contributed by Manzalai whose gas production increased to 323 mmcfd from 288 mmcfd, added Mahmood.

Published in The Express Tribune, January 20^th,  2011.