Pakistan Petroleum Limited (PPL) has discovered another important hydrocarbon from the Pateji X-1 well in Sindh’s Sujawal area.
The Pakistan Stock Exchange (PSX) was notified of the development on Friday by the E&P, one of the nation’s major natural gas suppliers.
In reference to the Upper Sand (D-Sand) reservoir found at exploration well Pateji X-1 in Sujawal district, Sindh, we have sent letter No. CS/PSX-0205 dated November 15, 2024.
Following an internal analysis of the data collected, we are happy to announce the finding of a gas/condensate at the Upper Sand (C-Sand) reservoir at the Pateji X-1 well, Shah Bandar block, as well as the identification of another exploratory zone/formation in the Upper Sand (C-Sand).
The well was dug, tested, and found in Shah Bandar block, according to PPL.
Along with its joint venture partners, Mari Petroleum Company Limited (MPCL), Sindh Energy Holding Company Limited (SEHCL), and Government Holdings (Private) Limited (GHPL), which have respective working interests of 32%, 2.5%, and 2.5%, PPL operates the Shah Bandar block with a 63% working interest.
PPL reports a notable increase in the production of hydrocarbons.
Based on the information gathered from wireline records and drilling findings, the business notified its stakeholders that possible hydrocarbon-bearing zones had been found.
According to PPL, the most recent finding would increase hydrocarbon reserves and allow the energy industry to alleviate Pakistan’s present energy crisis, saving the nation a substantial amount of foreign cash through domestic hydrocarbon production.
PPL reported a significant rise in hydrocarbon output from its wells spread across the nation a few days ago as a result of its improvement initiatives.
Based on the company’s most recent financial statistics, PPL’s profit-after-tax (PAT) for the quarter ending September 30, 2024, decreased by about 24% to Rs22.69 billion.
