KARACHI: Pakistan Petroleum Limited (PPL) has found new oil and gas deposits in exploration well Hadaf X-1 (ST) located in Sanghar district of Sindh.
The well showed a flow of 18.6 million cubic feet of gas per day and 160 barrels of condensate (crude oil) per day at “a pressure of 1,307 psi”, Company Secretary Shahana Ahmed Ali said in a notification to the Pakistan Stock Exchange (PSX) on Wednesday.
The flow of gas and crude oil changed to 12.1 million cubic feet per day and 157 barrels per day, respectively, while production was taken at the “pressure of 2,290 psi”, according to the notification. PPL’s share price decreased 0.63%, or Rs1.09, and closed at Rs171.91 with trading in 578,400 shares at the PSX.
PPL notified that it was the operator of block 2,56818 (Gambat South) with 65% working interest along with its joint venture partners Government Holdings Private Limited and Asia Resources Oil Limited who held 25% and 10% working interest, respectively.
A company official added that it was the company’s eighth discovery so far in the current fiscal year which began on July 1, 2018. PPL has made five out of the eight discoveries in the blocks operated by the company and another three in the blocks operated by the company and its joint venture partners. “
This discovery will add additional hydrocarbon reserves and also enable the energy sector to reduce the gap between supply and demand of oil and gas during the current energy crisis in the country,” the company notification said.