Mari Petroleum hits new gas reserves in Ghotki

Shahbaz-1 well produces 10.9m cubic feet gas per day

KARACHI: Mari Petroleum Company Limited (MPCL) has discovered new gas reserves in district Ghotki, Sindh, according to a bourse filing on Wednesday.

The exploratory well, Shahbaz-1 in Mari D&P lease area, produces 10.866 million standard cubic feet gas per day, MPCL Company Secretary Assad Rabbani said in a notification to Pakistan Stock Exchange.



The announcement helped its share price shoot up by Rs9.72, or 1.04%, to close at Rs942.92 with a turnover of 104,750 shares.

Meanwhile, the notification added the well was drilled down to a depth of 1,180 meters to explore and test the hydrocarbon potentials of Sui Main Limestone (SML) and Sui Upper Limestone (SLU).

MPCL is the sole owner and operator of Mari Gas Field, which is the largest gas field in the country in terms of balance reserves, it said.

“It is highlighted that this is the new milestone discovery in Mari D&P Lease Area based on Mari 3D seismic results and qualifies for 2012 Petroleum Policy price,” it said.



An analyst said, as per the Petroleum Policy 2012, the MPCL discovery area comes under Zone-III for which the well head gas price is set at $6.3 per million British thermal unit.

Published in The Express Tribune, September 8^th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.