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Tag: Pakistan Petroleum Limited

  • PPL announces major discoveries of hydrocarbons in Sindh, Balochistan

    PPL announces major discoveries of hydrocarbons in Sindh, Balochistan

    KARACHI: Pakistan Petroleum Limited (PPL) has announced major discoveries of hydrocarbons in Sindh and Blochistan, according to notifications received by Pakistan Stock Exchange (PSX) on Monday.

    In the first notice, the PPL disclosed a hydrocarbon discovery in exploratory well, Bitro-I in Latif Block located in Kharipur District, Sindh, by the joint venture partners of the Latif Exploratory License, namely the company which holds a 33.30 percent working interest there in, ENI Pakistan (M) Limited which holds a 33.30 percent working interest there in, and United Energy Pakistan Limited, which holds a 33.40 percent working interest there in and is also the operator of the Block.

    The PPL said that the well was spud on October 6, 2019 to test the hydrocarbon potential of B and Intra B sands of the Lower Goru Formation, as primary and secondary objectives, respectively. The well was successfully drilled to a depth of 11,854 ft. Based on the wireline logs and the drilling results, a Modular Dynamics Testing was done against the promising zone in the B and Intra B sands.

    Upon the completion of the well, B sand zone was perforated, which flowed 28.6 million standard cubic feet per day of gas with 152 barrels per day (condensed) water at a flowing well head pressure of 3,116 pounds per square inch at 44/64” choke size.

    In another notice, the PPLC disclosed that the company had made a hydrocarbon discovery in the first exploratory well, Margand X-I in Margand Block, Blochistan, that is operated by the company which holds 100 percent working interest there in.

    The well was spud on June 30, 2019 to a measured dept of 4,500 meters inside Chiltan Limestone. Based on the wireline logs, Modular Dynamics Testing was done which proved the presence of hydrocarbons.

    Accordingly, a Drill Stem Test was done in the Chiltan Limestone, during which the well flowed a maximum 10.7 million cubic feet per day of gas at 64/64 inches choke size at a flowing well head pressure of around 516 pounds per square inch with 132 barrels per day liquid. The nature of the liquid is being investigated. However, the well has the potential to flow at higher rates after an acid stimulation job.

    The company said that it was the first gas discovery in the Kalat Plateau and it had opened a new sub-basin for further hydrocarbon exploration.

    The discovery is the result of Company’s aggressive strategy of exploration of the frontier basins in order to open new avenues for hydrocarbons exploration and production in the province of Balochistan.

    The discovery will add to the company’s hydrocarbon reserves and will contribute in reducing the gap between the supply and demand of oil and gas in the country through exploitation of indigenous resources.

  • PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

    PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

    KARACHI: Pakistan Petroleum Limited (PPL) has posted the highest-ever Rs61.6 billion after tax profit with a record number of 11 discoveries during financial year ended June 30, 2019.

    This was disclosed at the 68th Annual General Meeting of PPL that was held on Monday.

    Members approved financial statement for the fiscal year ended June 30, 2019 together with auditor’s report.

    Final Cash Dividend of 20 percent on ordinary and convertible preference shares besides 20 percent bonus shares to ordinary shareholders and 10 percent to convertible preference shareholders was also approved.

    Shamsul Islam, Chairman, BOD presided over the proceedings and shared that PPL continued to strengthen its position as a leading oil and gas company and created healthy returns for all stakeholders.

    Moin Raza, Managing Director and Chief Executive Officer of the company highlighted PPL’s progress during 2019/2019, and said that the most significant was the highest ever profit after tax of Rs61.6 billion along with a record number of 11 discoveries in a year in company and partner-operated assets.

    The company also drilled the first ever international exploratory well, Madain – I, in operated Block 8, Iraq, a first for a national company.

    Focusing on key operational highlights, Khan mentioned drilling of 30 exploratory and development wells, including Kekra-1 in partner-operated offshore Indus G Block which encountered excellent quality reservoir but was aborted due to difficulty in locating hydrocarbons.

    He also shared ongoing efforts for expanding the company’s exploration portfolio through farm in/out and acquisition of two new blocks at the recent bidding round, making a total of 47 blocks.

    The company continued development activities to optimize production from existing fields that led to an average production of 977 MMscfde in 2018/2019. In this, he also mentioned commissioning of GPF-IV during phase I at Gambat South and Nashpa LPG plant as well as the highest-ever production of 228,310 tons barites from Bolan Mining Enterprises.

  • Pakistan’s oil, gas reserves witness increase

    Pakistan’s oil, gas reserves witness increase

    KARACHI: Pakistan’s oil and gas reserves have witnessed increase by 7 percent and 1.4 percent, respectively, according to analysts at Topline Research.

    The analysts on Thursday said that Pakistan Petroleum Information Services (PPIS) had reported oil and gas reserves for Jun 2019, whereby few major fields of Tal block (operated by MOL Pakistan) have witnessed an upward adjustment in which Pakistan Oil Fields (POL), Pakistan Petroleum Limited (PPL) and Oil and Gas development (OGDC) have working interest of 21 percent, 28 percent and 28 percent respectively.

    Overall oil reserves of the country are up by 7 percent (excluding PEL reserves) to 286 million barrels (10 years) mainly on back of upward adjustment in fields of Tal block and Adhi.

    Maramzai and Mardankhel fields (belongs to Tal Block) have seen increase of 42 percent and 89 percent respectively in their recoverable oil reserves. Increase in reserves have extended fields life by 1-3 years, as per estimates.

    Adhi South reserves are also separately reported, whereby overall Adhi field oil reserves are up 70 percent to 25.9 million barrels. Field life due to incremental reserves is up by around 3 years.

    Gas reserves of the country are up by meagre 1 percent to 21tcf (15 years). Field wise, reserves from Adhi, Marmazai, Mardankhel, Makori East, and Manzalai are increased by 12-132 percent. These incremental reserves will help companies to continue their production for 1-3 years more.