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KARACHI: Pakistan Petroleum Limited (PPL) discovered fresh oil deposits in an exploratory well in Talangan X-1 located in Chakwal district, Punjab.
According to PPL, an oil deposits discovery has been made from an exploratory well. In Karsal Block (3372-18), Talagang X-1, located at District Chakwal, Punjab.
The oil and gas exploration company has remained the operator of Karsal block. Where Talangan X-1 is located with 100% working interest.
They drilled the well on May 24, 2018, and reached a depth of 3,675 metres inside Nammal formation.
“Based on good oil/gas show during core and drilling. They conducted a Bare Foot Drill Stem Test in the carbonates of Chorgali – Sakesar formation of Eocene age.” PPL says.
“Initial testing in Sakesar formation showed a flow of 313 barrels per day of hydrocarbons together with a minor immeasurable quantity of gas.” PPL Company Secretary Shahana Ahmed Ali said in a notification to the Pakistan Stock Exchange (PSX) on Friday.
“We are drilling the well further to test deeper formations. And will determine its complete potential after evaluating. And testing other potential hydrocarbon-bearing zones in the well,” the secretary added.
Moreover, PPL’s share price dropped 2.39% or Rs4.99. To close at Rs203.90 with 961,500 shares changing hands in a bearish session at the PSX. Where the benchmark KSE-100 index fell 1%, or 411.62 points, to close at 40,854.77 points.
In August last year, Caretaker Minister for Maritime and Foreign Affairs Abdullah Hussain Haroon. He said a well-known multinational oil and gas firm in the United States ‘Exxon Mobil’. It was about to discover huge oil reserves near the Pakistan-Iran border. Which could reportedly be bigger than the Kuwaiti reserves.
If the oil deposits are discovered as expected, Pakistan will be among top the 10 oil-producing countries. Ahead of Kuwait in the sixth position, it was reported.
Kuwait’s oil reserves make up 8.4 percent of the oil reserves in the world. Also, Kuwait claims to hold about 101.50 billion barrels. Including half of five billion barrels in the Saudi-Kuwaiti neutral zone which Kuwait shares with Saudi Arabia.
The minister also said Exxon Mobil had so far drilled up to 5,000 meters close to the Iranian border and is optimistic about the oil find.
According to current estimates, 81.89 per cent of the world’s proven oil reserves are located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65.36 per cent of the OPEC total, latest OPEC data shows.
