Latif field to boost production to 100 mmcfd of gas
PM inaugurates the project, says it will ease energy shortage.
Latif field, which has been connected to Sawan gas field through a 50km pipeline, would assist in narrowing the widening gap between demand and supply of gas. PHOTO: FILE
ISLAMABAD/KARACHI:
Prime Minister Nawaz Sharif on Thursday inaugurated a $150 million Latif gas field project that will increase supply to 100 million cubic feet of gas per day (mmcfd) and help ease energy crisis in the face of growing demand from domestic and industrial consumers.
After inaugurating the project by pressing a button from the Prime Minister’s Office here, he talked through video link with the staff working in the field, located in Khairpur district in Sindh.
The premier stressed that Latif field, which has been connected to Sawan gas field through a 50km pipeline, would assist in narrowing the widening gap between demand and supply of gas at a time when Pakistan and its people were facing acute energy shortages.
“I hope that this additional volume of gas will help ease the shortage to some extent,” he said.
Sharif said gas production was a major component of energy mix in the country, contributing about 50%, and was also the mainstay of economy as it saved billions of dollars on import of furnace oil.
Praising efforts of the entire project team, the PM highlighted that they completed work in a record 15 months.
OMV, an Austrian gas and oil explorer which is operating the field, has immensely contributed to the economy of Pakistan since the start of operations in 1990, with major hydrocarbon discoveries like Sawan, Miano and Latif gas fields, which are producing over 360 mmcfd of gas.
Latif field, in which Pakistan Petroleum Limited holds a 33% working interest, is currently producing 60 to 65 mmcfd of gas, according to brokerage house, Topline Securities.
“When production reaches the number (100 mmcfd) announced in the (PM) speech, this will have an additional annualised impact of Rs0.4-0.5 per share on PPL,” it said in a research note.
Published in The Express Tribune, October 4th, 2013.
Prime Minister Nawaz Sharif on Thursday inaugurated a $150 million Latif gas field project that will increase supply to 100 million cubic feet of gas per day (mmcfd) and help ease energy crisis in the face of growing demand from domestic and industrial consumers.
After inaugurating the project by pressing a button from the Prime Minister’s Office here, he talked through video link with the staff working in the field, located in Khairpur district in Sindh.
The premier stressed that Latif field, which has been connected to Sawan gas field through a 50km pipeline, would assist in narrowing the widening gap between demand and supply of gas at a time when Pakistan and its people were facing acute energy shortages.
“I hope that this additional volume of gas will help ease the shortage to some extent,” he said.
Sharif said gas production was a major component of energy mix in the country, contributing about 50%, and was also the mainstay of economy as it saved billions of dollars on import of furnace oil.
Praising efforts of the entire project team, the PM highlighted that they completed work in a record 15 months.
OMV, an Austrian gas and oil explorer which is operating the field, has immensely contributed to the economy of Pakistan since the start of operations in 1990, with major hydrocarbon discoveries like Sawan, Miano and Latif gas fields, which are producing over 360 mmcfd of gas.
Latif field, in which Pakistan Petroleum Limited holds a 33% working interest, is currently producing 60 to 65 mmcfd of gas, according to brokerage house, Topline Securities.
“When production reaches the number (100 mmcfd) announced in the (PM) speech, this will have an additional annualised impact of Rs0.4-0.5 per share on PPL,” it said in a research note.
Published in The Express Tribune, October 4th, 2013.