Pakistan Oilfields finds more oil, gas in Makori
Company’s annual report, test production results at 2,687bpd and 8.56mmcfd.
POL expects to complete installation of Makori gas processing facility by October 2013 after which drilling will begin to exploit the reserves. PHOTO: FILE
KARACHI:
In its annual report for fiscal 2013, Pakistan Oilfields revealed project updates where the Makori East 3 at Lockhart formation was successfully tested for hydrocarbons, with test production of 2,687 barrels per day (bpd) of oil and 8.56 million cubic feet per day (mmcfd) of gas.
According to a JS Global Capital analyst note, the brokerage house expects total oil and gas production from the block to rise to 3,500bpd and 15mmcfd after testing is completed at Hangu and Lumshiwal formations. Previously, oil-rich Makori East 1 and 2 were successfully tested for oil, with production clocking in at 3,209bpd and 4,106bpd respectively.
JS Global Capital analyst Atif Zafar believes Makori East 3 will boost POL’s earnings per share by Rs7 annually. Moreover, Pakistan Petroleum and Oil and Gas Development Company were also likely to realise a bump in their EPS by Rs1.3 and Rs0.5 annually owing to working interest in the field.
The annual report went on to say that POL expects to complete installation of Makori gas processing facility by October 2013, after which drilling will begin to exploit the reserves. Maramzai-3 and Manzalai-11 well had been also approved for drilling during the fiscal year 2013-14.
In addition to a gas processing facility, POL has initiated work on a compression facility to solve the issue of water incursion at the Mazalai field. Gas production from Mazalai had dropped substantially over the last year due to water incursions.
Manzalai-10 was added to POL’s production line in June 2013, producing 58bpd and 6.6mmcfd.
Bela-1, on the other hand, capable of spurting 100bpd and 4mmcfd, was shut down in May due to hydrate and gas processing problems. The field is expected to restart production in September.
Earlier in the bidding round under the Petroleum Policy 2012 announced by the previous government, POL managed to secure three blocks.
During fiscal 2013, POL’s exploration costs jumped 202% was mainly attributable to enhanced work over activities and three-dimensional and two-dimensional seismic acquisitions and a Rs219 million write-off of Chak Naurang dry wells.
Published in The Express Tribune, September 14th, 2013.
In its annual report for fiscal 2013, Pakistan Oilfields revealed project updates where the Makori East 3 at Lockhart formation was successfully tested for hydrocarbons, with test production of 2,687 barrels per day (bpd) of oil and 8.56 million cubic feet per day (mmcfd) of gas.
According to a JS Global Capital analyst note, the brokerage house expects total oil and gas production from the block to rise to 3,500bpd and 15mmcfd after testing is completed at Hangu and Lumshiwal formations. Previously, oil-rich Makori East 1 and 2 were successfully tested for oil, with production clocking in at 3,209bpd and 4,106bpd respectively.
JS Global Capital analyst Atif Zafar believes Makori East 3 will boost POL’s earnings per share by Rs7 annually. Moreover, Pakistan Petroleum and Oil and Gas Development Company were also likely to realise a bump in their EPS by Rs1.3 and Rs0.5 annually owing to working interest in the field.
The annual report went on to say that POL expects to complete installation of Makori gas processing facility by October 2013, after which drilling will begin to exploit the reserves. Maramzai-3 and Manzalai-11 well had been also approved for drilling during the fiscal year 2013-14.
In addition to a gas processing facility, POL has initiated work on a compression facility to solve the issue of water incursion at the Mazalai field. Gas production from Mazalai had dropped substantially over the last year due to water incursions.
Manzalai-10 was added to POL’s production line in June 2013, producing 58bpd and 6.6mmcfd.
Bela-1, on the other hand, capable of spurting 100bpd and 4mmcfd, was shut down in May due to hydrate and gas processing problems. The field is expected to restart production in September.
Earlier in the bidding round under the Petroleum Policy 2012 announced by the previous government, POL managed to secure three blocks.
During fiscal 2013, POL’s exploration costs jumped 202% was mainly attributable to enhanced work over activities and three-dimensional and two-dimensional seismic acquisitions and a Rs219 million write-off of Chak Naurang dry wells.
Published in The Express Tribune, September 14th, 2013.