Oil and Gas reserves discovered from Kohat, Khyber Pakhtunkhwa

KOHAT: Massive oil and gas reserves unearthed in Khyber Pakhtunkhwa, giving impetus to Pakistan’s growing needs and strengthening the dwindling economy of Pakistan, ARY News reported on Tuesday.

According to details, 240 barrels of crude oil can be excavated from a deep gorge along with annual gas production of 127 cubic feet of natural gas.

The official statement on the discovery states that the Oil and Gas Development Company Limited (OGDCL) owns 50% of the shares from the overall discovery while Mari Petroleum Company owns 33.33% of the shares from the discovery.

Pakistan Stock Exchange has been notified of the discovery which will help Pakistan’s economy and ensure value in the foreign exchange arena.

Pakistan’s foreign exchange picked up pace after the news of the discovery broke out earlier in the day, a steady recovery is underway after the tumultuous end to yesterday’s trading.

The 100-index jumped 70 points after the discovery was made known.

The overall trading on the hundred index currently stands at 30590 points

Earlier on April 19, Mari Petroleum Company Limited (MPCL) made an oil discovery near Gujar Khan in Rawalpindi District

According to the spokesperson of the company, it is the second consecutive discovery in Ghauri Block, which is expected to provide 372 barrels of crude oil on a daily basis.

The spokesperson added that the latest discovery will help cope with the energy crisis in the country.