Pakistan’s energy major MOL Group has announced the discovery of a new oil and gas reservoir in the Kohat District of Khyber Pakhtunkhwa. You can manage them any time by clicking on the notification icon. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our UK-listed Oil & Gas Development Company Ltd (OGDCL) has made a gas condensate discovery in the Hyderabad District of Pakistan’s Sindh province. This website uses cookies. In August, the OGDCL discovered new oil and gas reserves in the district of Kohat, Khyber Pakhtunkhwa (KP). Stay up to date with the best and authentic source of News online. “This new discovery has de-risked an exploration play in deeper reservoir in the Tal Block [an oil and gas field located in Pakistan’s Kohat District], leading to new upside opportunities. According to the Pakistan Bureau of Statistics, the nation’s energy imports stood at $9.8 billion, which constituted around one-fourth of total imports of $40.86 billion in first 11 months (July-May) of the previous fiscal year (FY20). Recommend 0. noname. They informed that within the next 10 days, the joint venture team would be able to determine the actual size of the oil and gas discovery. Analysts predict that the worst is not yet over. An oil bonanza will enable the government to postpone needed fixes indefinitely. ISLAMABAD: Prime Minister Imran Khan has once again raised hopes that Pakistan can hit major oil and gas reserves in offshore drilling. The operators of the well have decided to plug it in the coming days, according to reports in Pakistani media. The reservoir was discovered was after the block was drilled at about 18497 ft to the Paleocene base when a significant amount of hydrocarbon was encountered in Sakessar, Nammal and Patala formations. This website stores cookies on your computer. Statistics show that Pakistan produced 85,000 barrels of oil per day in March 2020. PESHAWAR: The MOL Pakistan Oil and Gas Company B.V has made a new discovery at the Mamikhel South-1 Well in the TAL Block of Khyber Pakhtunkhwa. © Al Nisr Publishing LLC 2021. Pakistan Prime Minister Imran hints at finding massive oil reserves Dubai: Pakistan will announce the discovery of massive oil and gas reserves in the next three weeks, said an official. All rights reserved. He said Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) also assisted Exxon Mobil and ENI in drilling the oil well. According to a study conducted with the help of the USAID in 2015,Pakistan has massive deposits of 10,159 trillion cubic feet of shale gas and 2.3 trillion barrels of oil. The government of Pakistan is expecting an oil discovery r near Karachi. All rights reserved. Pakistan confirms large oil and gas discovery in Khyber-Pakhtunkhwa province Sana Jamal, Special to Gulf News. 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Privacy Policy. 17/07/2020. Islamabad: Pakistan is on the verge of hitting a kind of jackpot in the form of discovering a huge reserve of oil and gas in the Arabian Sea, Prime Minister Imran Khan has said, hoping that the discovery will solve the economic problems of the cash-strapped country. Prime Minister Imran Khan announced that Pakistan may soon hit ‘jackpot’ in discovering a huge reserve of oil and gas. As for India, Pakistan's potential oil reserves will increase the country's attractiveness for Indian companies, as oil imports rise in India due to higher fuel demand despite bilateral disputes. UK-listed Oil & Gas Development Company Ltd (OGDCL) has made a gas condensate discovery in the Hyderabad District of Pakistan’s Sindh province. Pakistanis were exceptionally hopeful about finding large oil and gas reserves in the country’s territorial waters in the Arabian Sea. The group of multinational companies had begun … Oil could ‘pretty easily’ rebound to $150 a barrel despite crashing prices this year, analysts predict, World’s top grain exporter Russia keeps global supplies high despite Covid-19 pandemic, China’s 5G phone shipments see ‘explosive growth,’ gaining larger share of mobile phone market, Russia supplies first shipment of Arctic oil to China. The country partially meets local demand through imports and manages the total requirement by conducting load-shedding for industries. The discovery could ease the nation’s heavy reliance on energy imports. Discovery of gas reserves will be great news not just for Pakistan, but for the entire South Asia. Aug 06, 2018 08:35am. Pakistan’s import bill could be decreased by billions of dollars annually, if the total reservoir quantity is huge. The rupee, which lost 3.6 per cent on Thursday to close at 146.2 against the US dollar in the interbank market, dipped further on Friday selling at Rs149.50 in the interbank market and Rs150 in the open market. Get by Email • RSS. “Over the past 40 years, many politicians have given us the news of discovering minerals in Pakistan. If the discovery is as large as Haroon hopes, it could elevate Pakistan to one of the world’s top ten oil producing countries, powering ahead of nations like Kuwait. Published 10 June 2020 23:21 GMT. Pakistan’s new pipeline with Russia to increase LNG import capacity World Oil 12:07 4-Jan-21 Pakistan's 1,100-km gas pipeline to start construction Gulf News 04:43 4-Jan-21 Ali J Hamdani appointed as SNGPL MD The Nation 02:12 2-Jan-21 Only the 18th attempt. New Oil & Gas Discovery in Tiof Exploration Well, Offshore Mauritania: ... Approval of the Pakistan Restructuring, the New Pakistan Joint Venture and the Pangkah Sale: ... Keep up to date with Premier's latest news by signing up for Email Alerts or using the RSS link. MOL Pakistan makes another discovery in TAL Block. The rupee continued to fall to record lows, after the government agreed in principle to a $6 billion loan from the International Monetary Fund (IMF). The Pakistan Oil Limited (POL) has discovered its largest oil and natural gas reservoir in the Jhandial well located in Ikhalas block. Oil and Gas Development Company Limited (OGDCL) has revealed that it has discovered gas at exploration well Lakhirud X-1, which is located in the Musa Khel district in the Balochistan Province. According to a notification issued to the Pakistan Stock Exchange on Tuesday, the discovery was made by the joint venture partners of the exploration Licence of the block, i.e. Exploration mission has been stopped off the coast of Karachi as the drillers hit the dry ‘wells’ despite drilling more than 5500 metres deep into the sea. 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. Oil & Gas Development Co. Ltd. reported an oil and gas discovery in the Sagnhar district of Sindh Province, Pakistan. We’ll send you latest news updates through the day. The nation should pray for this and I will soon share good news regarding this," Khan had told reporters in Islamabad. Mari Petroleum Company Limited along with its Joint Venture Partner Pakistan Petroleum Limited has made an oil discovery at exploratory well in Punjab. Pakistan seeks $5 billion investment to spark oil and gas activity. Pakistan Oil Discovery News Monitoring. India had offshore discoveries after 43rd attempt, Libya after 58th, and Norway, another country which nobody believed could have reserves, drilled 78 holes between 1954 to 1963 and then hit it big," Syed Ali Haider Zaidi, Federal Minister for Maritime Affairs, told Gulf News. It was officially announced on Saturday that the much-celebrated offshore drilling in Kekra-1 had been stopped because no reserves were found. Islamabad: Pakistan is on the verge of hitting a kind of jackpot in the form of discovering a huge reserve of oil and gas in the Arabian Sea, Prime Minister Imran Khan has said, hoping that the discovery will solve the economic problems of the cash-strapped country. Can India really shut down oil supply to China? Lebanese blame ‘brutal’ Syrian regime over refugee attack . © Autonomous Nonprofit Organization “TV-Novosti”, 2005–2021. Pakistan currently produces 80,000 bbl and the requirement per day is 650,000 bbls. Pakistan needs drastic and systemic reform. National Featured. By Mohammad Hafeez On Mar 26, 2019. The bad news of failure to discover the oil and gas reserves came as a big blow to Prime Minister Imran Khan’s government which has pinned great expectation on oil discovery and had already celebrated its expected discovery. He further informed that the cost of drilling project, which has now been abandoned, remained over $100 million. Speaking to Geo News, Babar said the process of drilling up to more than 5500 meters was completed on Kekra-1 (Indus G-Block) off Karachi coast. An Oil Discovery Before Systemic Reform in Pakistan … MOL has been successfully operating in Pakistan for 21 years, having made 13 oil, gas and condensate discoveries there. UP offeres the best coverage on Oil and other important topics. In March this year, Prime Minister Imran had said Pakistan would not need to import oil after reserves were found near Karachi coast. You can manage them any time by clicking on the notification icon. 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To find out more about the cookies and data we use, please check out our, Dear Reader, please register to read gulfnews.com, Password should have minimum 7 characters with at least one letter and number, Pakistan expected oil discovery is located near Iran border. United Energy Pakistan Limited, holding a … “I am delighted to announce that we have made another discovery in Pakistan,” Berislav Gaso, MOL Group’s exploration and production EVP, said in a company statement. It underlined the need to step up exploration in potential areas on a war-footing. The Pakistan Stock Exchange has also been informed about the new developments in the oil and gas fields. Bad news for Pakistan PM Imran Khan as no oil, gas reserves discovered in Karachi coast . “This new discovery has de-risked an exploration play in deeper reservoir in the TAL Block, leading to new upside opportunities. Imran Khan hopeful of huge oil, gas reserve in Pakistan waters. Talking to a private news channel, Special Assistant to the Prime Minister on Petroleum Nadeem Babar announced that the offshore drilling in Kekra-1 did not yield desired results. Pakistani rupee plunges to record low versus UAE dirham, US dollar: Time to send money? Secondly, Pakistan Petroleum Information Service, which keeps a record of explorations in the country, has not mentioned the 'so-called' discovery of huge oil reserves on its website. Good news regarding oil discovery expected soon: minister ... Oil and Gas Development Company, and Pakistan Petroleum Limited are conducting the drill stem test (DST) to determine the real size of the oil and gas reserves in the Kekra-1 well, ... Latest Videos PM Imran visits ISI … OGDCL makes oil, gas discovery in Sindh There is 1.146 MMSCFD of gas and 680 (BPD) of condensate from the well, which was drilled down to the depth of 2,442 meters. Follow on Google News. "We have only drilled 18 holes for oil. According to Arab News, if the oil discovery in Pakistan turns out to be as large as expected, the country would rank among the world’s top 10 oil producing countries, ahead of Kuwait. In potential areas on a war-footing statistics show that Pakistan can hit major oil and gas discovery rejected experts. Discovery could ease the nation ’ s territorial waters in the district of Sindh Province, Pakistan which has been. And provide more personalized service to you new discovery has de-risked an exploration play in reservoir! Gas and condensate discoveries there them any time by clicking on the notification icon the way forward as the to! Khyber-Pakhtunkhwa Province Sana Jamal, Special to Gulf news world 's top producing. Had been stopped because no reserves were found as expected should pray for this and will... Pakistan waters gas reserve in Pakistan has dipped so much in the Sagnhar district of Sindh Province Pakistan... 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