Pakistan Petroleum announces hydrocarbon discovery in Sindh

Pakistan Petroleum Limited (PPL) has announced a gas and condensate discovery from exploration well Pateji X-1, Shah Bandar Block in Sindh.

The block is operated by PPL with 63% working interest along with its joint venture partners, Mari Petroleum, Sindh Energy Holding, and Government Holdings (Private) Limited, each with working interests of 32%, 2.5% and 2.5%, respectively.

This is the third consecutive discovery in the Shah Bandar Block by the company, according to the company's notice filed to the Pakistan Stock Exchange.

The well was drilled and tested by utilizing indigenous expertise.

During testing, the well flowed at the rate of 11.7 million standard cubic feet per day (mmscfd) of gas and 198 barrels per day of condensate.

This discovery will add additional hydrocarbon reserves and enable the energy sector to reduce the ongoing energy crisis in the country and will save significant foreign exchange for the country through indigenous hydrocarbon production.

The earnings per share impact for PPL is estimated at PKR 0.7 and PKR 0.8 for Mari Petroleum.