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POL, MOL discover oil and gas reserves in TAL Block

POL, MOL discover oil and gas reserves in TAL Block

KOHAT: Pakistan Oilfields Limited (POL), with 25 percent shares, and MOL have made oil and gas discoveries in MOL operated TAL Block – that is located in the Kohat Plateau of Khyber Pakhtunkhwa (KP).

In what can be termed a major boost to petroleum exploration activities in the country, MOL Pakistan has made sizeable oil and gas-condensate discoveries at its exploratory wells.

Initial testing is being considered as extremely encouraging as it showed flow of crude oil at 1,844 barrels per day and 18.25 MMscf of gas. According to the data available, the new reserves will produce 18.2 million cubic feet of gas on daily basis. The commercial production from the new oil and gas reserves will begin in December this year.

This new discovery has derisked exploration in deeper fault blocks in the TAL block leading to new upside opportunities. Further, this new discovery will help to improve the energy security of the country.

The field accounts for 20% of Pakistan s oil production, amounting to 17,000 barrels per day. Six discoveries have been made in the block, the first in 2002 and the most recent in 2011. Oil and Gas Development Company, Pakistan Petroleum Limited and Pakistan Oilfields hold ownership stakes of 28, 28 and 21 percent, respectively, in Tal Block. The field has 55 percent as the success ratio of discovery in Tal Block, compared to 33 percent in other areas. MOL Group is responsible for making further discoveries and has added 145 million cubic feet of natural gas per day.