Oil production may more than double from field
Makori East-01 likely to start producing 8,000 bpd as two formations have entered into testing phase on the field.
KARACHI:
Oil production from Makori East-01 is likely to more than double to 8,000 barrels per day (bpd) from the current 3,000 bpd as two formations on the field have entered into testing phase.
Officials predicted an augmented discovery size of approximately 2,500 bpd from the two formations, increasing the current production by 5,000 bpd, according to a Topline Securities research note.
The positive development will primarily bode well for Pakistan Oilfields, which has a working interest of 21 per cent in Makori East-01. The earnings impact from the 5,000-bpd discovery will be Rs5.5 per share annually, says Nauman Khan in the note.
Furthermore, the discovery would also enhance Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) earnings by Rs0.3 and Rs1.4 per share, respectively. OGDCL and PPL also have a stake in hydrocarbon reserves.
Gas discovery on the cards
Another gas field namely Domail-1 has also entered into testing phase, although this could be delayed by two to three months. A medium-sized gas discovery of 15 to 20 million cubic feet per day is expected from this field, says the note.
Published in The Express Tribune, April 30th, 2011.
Oil production from Makori East-01 is likely to more than double to 8,000 barrels per day (bpd) from the current 3,000 bpd as two formations on the field have entered into testing phase.
Officials predicted an augmented discovery size of approximately 2,500 bpd from the two formations, increasing the current production by 5,000 bpd, according to a Topline Securities research note.
The positive development will primarily bode well for Pakistan Oilfields, which has a working interest of 21 per cent in Makori East-01. The earnings impact from the 5,000-bpd discovery will be Rs5.5 per share annually, says Nauman Khan in the note.
Furthermore, the discovery would also enhance Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) earnings by Rs0.3 and Rs1.4 per share, respectively. OGDCL and PPL also have a stake in hydrocarbon reserves.
Gas discovery on the cards
Another gas field namely Domail-1 has also entered into testing phase, although this could be delayed by two to three months. A medium-sized gas discovery of 15 to 20 million cubic feet per day is expected from this field, says the note.
Published in The Express Tribune, April 30th, 2011.