PPL discovers hydrocarbon reserves in Sindh
20 November 2023
Published in: Business Recorder
Pakistan Petroleum Limited (PPL), a key supplier of natural gas in the country, has discovered hydrocarbon reserves in Shah Bandar Block, located in the district of Sujawal, Sindh.
The E&P shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to disclose that Pakistan Petroleum Limited (PPL) has made a gas and condensate discovery from exploration well Jhim East X-1, in Block 2467-16 (Shah Bandar), located in District Sujawal, Sindh Province,” read the notice.
The company shared that this is the second discovery of hydrocarbon reserves in the Shah Bandar Block.
Sharing the details of the said discovery, PPL shared that the Block 2467-16 (Shah Bandar) exploration license is operated by itself with 63% working interest (WI) along with joint venture partners Mari Petroleum Company Limited (MPCL) with 32% WI, Sindh Energy Holding Company Limited (SEHCL) and Government Holdings Private Limited (GHPL) with 2.5% WI each.
“The exploration well Jhim East X-1 was drilled to a depth of 2,545 meters to test the hydrocarbon potential of Upper Sand of Lower Goru Formation. Based on the drilling results and acquired wire-line logs, potential hydrocarbon bearing zones were identified.
“During testing of Lower Goru Upper Sand (A Sand), the well flowed 13.69 million standard cubic feet per day of gas and 236 barrels per day of condensate at a wellhead flowing pressure (whfp) of 2,668 psig at 32/64” choke,“ added the notice.
PPL shared that the well is being further evaluated to get the necessary information about its performance. It added that the well was drilled and tested by utilizing indigenous expertise.
“This discovery will add hydrocarbon reserves and also enable the energy sector to reduce the gap between the supply and demand of oil and gas during the current energy crisis in the country and will save significant foreign exchange for the country,” PPL said.
PPL saw its profit-after-tax (PAT) jump nearly 79%, as it clocked in at Rs97.22 billion for the year ended June 30, 2023. In the same period last year, the exploration and production company saw PAT of Rs54.35 billion.
