Gas reserves have been discovered at Rayyan-1, an exploratory well in Kirthar Block (2667-7) in Dadu, Sindh, said Pakistan Petroleum Limited (PPL. One of the country’s largest petroleum exploration and production company. In its notice to the Pakistan Stock Exchange on Monday.
Pakistan Petroleum Limited (PPL) on Monday announced discovery of gas reserves in an exploratory well in District Dadu, Sindh.
The company shared the development at the Pakistan Stock Exchange (PSX). PPL made the discovery from the exploratory well Rayyan-1 in Kirthar Block (2667-7), located in District Dadu, Sindh Province. The well is operated by M/s. Polish Oil and Gas Company, PKN ORLEN Pakistan Branch with 70 percent working interest. Along with its joint venture partner Pakistan Petroleum Limited with 30 percent working interest.
Amid fast-depleting foreign exchange reserves. The news is good for Pakistan as it mainly relies on imported LNG to meet its needs.
On December 5, 2022, Rayyan-1 was spud-in and bored to a depth of roughly 2.446 meters. The statement to the PSX stated that a drill stem test (DST) was performed at the aforementioned well. And the well originally flowed gas at a rate of 7.8 million standard cubic feet per day (mmscfd). With a wellhead flowing pressure (WHFP) of 1,920 pounds per square inch (Psi) at 28/64″ choke size.
Facing depleting local gas reserves, Pakistan increasingly relies on imported LNG to meet its energy needs. The company said that the latest discovery will help reduce the energy demand and supply gap in the country. “And will save significant foreign exchange for the country through indigenous hydrocarbon production”.
Last year, PPL made a hydrocarbon discovery from the exploratory well, Mohar-1, in the Latif Block in Sindh. PPL had made a similar discovery of hydrocarbons from an exploratory well, Jugan-1, in the same block.
PPL was incorporated in Pakistan in 1950 with the main objectives of conducting exploration, prospecting, development, and production of oil and natural gas resources. On Monday, the company’s scrip at the bourse went up by Rs0.42 or 0.66 percent to close at Rs64.38. Earlier, Mari Petroleum Company Limited ha also announced a gas discovery at its exploratory well Mari Ghazij-1, located in Mari D&PL in Sindh in January 2023, with a gas flow rate of 5.1 million standard cubic feet per day.