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New oil, gas discovery in KP announced

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KARACHI: New oil and gas reserves have been found in Khyber Pakhtunkhwa in Tal block in development well Makori East-5, the stock exchange was stated in a stock filing.

Tal block assumes significance in the oil and gas exploration and production sector as it accounts for 23pc (20,000 barrels per day) of oil and 7pc (283mmcfd) of the country’s gas production.

The operator said that the well has been completed.

After stimulation through acid job, the well has tested 2,836 barrels per day of condensate, 19.26 mmscfd of gas per day. The well is currently under cleaning phase.

The production from the well is expected to start from September 2016.

The Tal block in KP is being operated by the MOL Group with its joint-venture partners including Oil and Gas Development Company, Pakistan Petroleum Limited, Government Holdings Private Limited and Pakistan Oilfields Limited.

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