This discovery is particularly significant in the context of Pakistan’s energy needs, as it could potentially contribute to the country’s energy security and reduce its reliance on imported oil and gas. Pakistan Oilfields Limited (POL) has reported a significant oil and gas discovery at its Razgir-1 exploratory well in Kohat district, Khyber Pakhtunkhwa. The company, a subsidiary of Attock Oil Company Limited, UK, and ultimately Coral Holding Limited, made the announcement to the Pakistan Stock Exchange (PSX) on Monday.
The operator of the TAL block, MOL, informed POL about the hydrocarbon discovery in the Razgir-1 well, which was drilled to a depth of 3,950 meters after being spudded on January 9, 2024. As per POL’s notice, the drill stem test (DST) at the well indicated a gas flow of 20 MMscf per day and 250 barrels per day of condensate at the flowing wellhead pressure of 2,348 psi from the Lumshiwal formation.
The company has placed significant emphasis on the ongoing testing operations, ensuring that stakeholders are kept informed and involved in the process of accurately determining the well’s potential. It further highlighted the importance of considering that actual production may differ from the test results, fostering a sense of transparency and trust.
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In the TAL block, Oil and Gas Development Company Limited (OGDC), Pakistan Petroleum Limited (PPL), and POL hold respective stakes of 27.8%, 27.8%, and 21.1%, as reported by Arif Habib Limited (AHL). According to AHL’s estimates, the discovery is expected to have a significant annualized earnings impact of Rs3.13/share, Re0.43/share, and Re0.27/share on POL, PPL, and OGDC, respectively, instilling a sense of optimism and hope for the future.
Notably, POL is a key player in the exploration, drilling, and production of crude oil and gas in Pakistan. Additionally, the company’s involvement in marketing liquefied petroleum gas under the brand name POLGAS and the transmission of petroleum further solidifies its position in the industry, making stakeholders feel reassured and confident in its capabilities.
