KARACHI: MOL Pakistan, an oil and gas exploration company, has announced the discovery of new reserves of hydrocarbons in Tal block in Kohat district. BMA Capital reported that a press release issued by the Hungarian origin company confirmed the discovery.
“The initial flow rate suggests that 3,200 barrels of oil and 11 million metric cubic feet of gas (mmcfd) per day may be recovered from this site,” according to the release.
Oil and Gas Development Company, Pakistan Petroleum Limited and Pakistan Oilfields hold ownership stakes of 28, 28 and 21 per cent, respectively, in Tal block. Analysts have predicted that the new discovery should add 2, 4 and 12 per cent to the bottom line for the three companies, respectively. Makori and Manzalai fields are already productive in this area while two more fields, Mamikhel and Maramzai are expected to become operational by next year.
“In terms of production numbers, Tal block may not be the most significant but for the future this area may well become the flagship for the exploration and production sector,” said BMA analyst Hammad Aslam. “The block also has a 55 per cent success ratio compared with about 33 per cent for the rest of the areas being explored,” said Aslam, adding that “this gives a promising image of the potential of this region.”
55 per cent is the success ratio of discovery in Tal block, compared to 33 per cent in other areas.
Published in The Express Tribune, November 9th, 2010.