PPL production goes back to historic highs

Output crosses one billion cubic feet equivalent per day

Our Correspondent December 07, 2016

KARACHI: Pakistan Petroleum Limited (PPL) has made a recovery and gone back to its historic oil and gas production level above one billion cubic feet equivalent per day, an increase of more than 10% in the current year compared to the previous year.

“This has been made possible largely due to the company’s structural reorganisation to an asset-based hybrid setup in mid-2015, enabling renewed focus on optimising reserve replacement and production from mature assets and fields,” PPL said in a statement on Wednesday.

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In the process, the company drilled a record 23 wells including 11 development wells - four each in Sui and Kandhkot, two in Adhi and one in Gambat South.

This maximised production efficiencies mainly through the revamping of Sui compressors, workover jobs on existing wells in various fields and commissioning of new production facilities at Adhi and Gambat South.

Among its mature assets, PPL succeeded in arresting and reversing the annual 6% decline in production from its flagship Sui gas field with output being approximately 5% higher than 2014-15.

It also increased gross production from Adhi and Kandhkot fields from 84 million standard cubic feet per day (mmscfd) and 159 mmscfd in 2014-15 to 111 mmscfd and 203 mmscfd, respectively, in 2016-17. “Looking at the future, PPL continues to improve production efficiencies and implement an aggressive exploration programme to enhance production while maintaining a healthy reserve replacement ratio,” it said.

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During 2015-16, for instance, the company made six discoveries and drilled 12 exploratory wells in operated blocks and achieved 127% reserve replacement ratio.

Published in The Express Tribune, December 8th, 2016.

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Investor | 4 years ago | Reply @PPL: your annual accounts are long due. When do you plan to announce your results for the year ending June 30, 2016?
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