POL discovers new oil, gas deposits in K-P

Published: August 23, 2019
Email
 PHOTO: Reuters

PHOTO: Reuters

KARACHI: Pakistan Oilfields Limited (POL), a leading state-owned exploration firm, announced on Thursday that it had discovered new oil and gas deposits in development well Makori Deep-02 located in Tal block in Khyber-Pakhtunkhwa.

“Well test shows the flow of 1,844 barrels of oil per day and 18.25 mmscf (million standard cubic feet) of gas per day,” POL Company Secretary Khalid Nafees said in a notification sent to the Pakistan Stock Exchange (PSX).

“Production from the well is expected to start from December 2019,” he said.

During the day, POL’s share price hit its upper limit of 5% and surged Rs18.66 to close at Rs391.96 with trading in 989,800 shares at the PSX in a bullish session.

The state-owned firm holds the pre-commercial working interest of 25% in the Tal block, which is operated by Hungarian oil and gas firm MOL. The development well has remained under the testing phase. “Actual production may differ significantly from the test results,” the company secretary added. POL reported the other day that its profit jumped 13.5% to Rs13.3 billion (earnings per share Rs46.77) in the year ended June 30, 2019, amid depreciation of the rupee against the US dollar.

Earlier, Oil and Gas Development Company (OGDC) reported flow of 520 barrels of oil per day and 9.12 mmscf of gas per day in the exploratory well Pandhi No 1 in Sanghar district of Sindh late last month.

Published in The Express Tribune, August 23rd, 2019.

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

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Business