New oil and gas reserve discovered in North Waziristan
Listen to article
Mari Petroleum Company Ltd has announced the discovery of new oil and gas reserves at the Spinkwam-1 well, located in the Lokhart Formation of the Waziristan Block in North Waziristan, Khyber-Pakhtunkhwa, Express News reported on Tuesday.
According to initial test results, the well is producing 70.3 million standard cubic feet per day (MMSCFD) of gas and 310 barrels per day (BPD) of condensate at a wellhead flowing pressure of 3,264 psig through a 64/64" choke.
Mari Petroleum holds a 55% working interest and operates the block, while Oil and Gas Development Company Ltd (OGDCL) and Orient Petroleum hold 35% and 10% stakes, respectively.
Managing Director and CEO of Mari Petroleum, Fahim Haider, described the discovery as a promising development for Pakistan's energy sector.
The company's chairman expressed gratitude to the armed forces, federal and provincial governments, joint venture partners, the Directorate General of Petroleum Concessions (DGPC), and the Ministry of Petroleum for their support in facilitating the exploration effort.
Last month, Pakistan made a significant breakthrough in its energy sector with the discovery of a second major oil and gas reserve in the Waziristan Block, according to an official statement.
MPCL informed the Pakistan Stock Exchange (PSX) in a letter that new hydrocarbon reserves have been found in the Spin Wam-1 well, located in Khyber-Pakhtunkhwa.
The letter stated that the well is producing light crude oil and natural gas with a flow pressure of 3,431 pounds per square inch (psi).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
5 days ago
- Express Tribune
Eidul Azha sees artificial price hike in Karachi as tomatoes, essentials soar
Market analysts caution that IMF-related measures in the upcoming FY2026 budget—particularly new taxes and adjustments in energy prices—may lead to a renewed spike in inflation. PHOTO: FILE Listen to article The customary artificial surge in prices of vegetables and condiments ahead of Eidul Azha continues unabated this year, with rates of essential kitchen items increasing by up to 200 per cent in Karachi markets, Express News reported. According to a report, the price of tomatoes has jumped from Rs60 per kilogram to as high as Rs160 per kilogram, marking an increase of over 160 per cent within a week. The cost of garlic, which was retailing at Rs500 per kg, has surged to Rs700 per kg, while ginger now sells at Rs800 per kg, up from Rs600. Fresh coriander, typically priced at Rs20 per bunch, is now being sold at Rs40, and green chillies have risen from Rs380 to Rs450 per kg. In Karachi, the price of lemons has surged from Rs250 to between Rs350 and Rs400 per kilogram. Raw papaya, commonly used to tenderise meat during Eid preparations, is now retailing for up to Rs200 per kilogram. Despite repeated complaints, there appears to be little regulatory oversight to curb these arbitrary price hikes as citizens have called on the city administration to intervene and enforce official price lists, warning that such unchecked inflation burdens lower-income households during the festive period.
Express Tribune
02-06-2025
- Express Tribune
SLIC to introduce lifetime pension product for retired govt employees
Listen to article The State Life Insurance Corporation (SLIC) has decided to introduce a lifetime pension product for all retired government employees. The corporation will also offer its policyholders the largest bonus in its history this year. Additionally, SLIC is collaborating with the Sindh government to improve primary healthcare in the province, with a working group already established for this purpose. This was shared by SLIC CEO Shoaib Javed Hussain during an exclusive interview with Express News on Thursday. Dr Aftab Imam, Executive Director of State Life Insurance, was also present at the meeting. Hussain stated that the draft of the proposed pension scheme would be ready within a month, after which it would be sent to the federal government for approval. He further explained that the scheme would be accessible to individuals aged 70 and above, allowing retired employees to benefit from it. In this regard, the corporation has also acquired the VPS licence from the Securities and Exchange Commission of Pakistan (SECP). The pension scheme is expected to be launched later this year. On another front, SLIC is working with the Sindh government to enhance primary healthcare in the province. A working group, led by Sindh Chief Minister Syed Murad Ali Shah, has been formed to oversee the implementation of healthcare projects in Sindh. Responding to a query, Hussain highlighted the remarkable growth in the corporation's group insurance segment, attributing its success to competitive pricing and superior services. Similarly, the growth of Takaful products has been highly encouraging. Regarding the Health Card Scheme introduced for media workers, Hussain revealed that journalists in Khyber-Pakhtunkhwa and Punjab have been utilising the health cards extensively. However, the use of health cards in Karachi by journalists remains limited. In response, the SLIC, in collaboration with the Karachi Press Club, will launch a dedicated awareness campaign to inform journalists about the benefits of the health card scheme.
Express Tribune
02-06-2025
- Express Tribune
Pakistan Railways announces fares discount for Eidul Azha
Listen to article The federal government has announced a significant discount on train fares for the three days of Eidul Azha, as part of its efforts to facilitate travel during the festive season, Express News reported. Railways Minister Hanif Abbasi confirmed the development in a media briefing on Monday, stating that five special trains would be operated for Eidul Azha. "The special trains will be operational for the duration of the holiday to ease transportation for people travelling to their hometowns for the occasion," he said. He also assured that agreements made with the media would be fully honoured. Highlighting the achievements of the Pakistan Railways, Abbasi mentioned that the department had achieved significant milestones in its 77-year history, particularly over the past 11 months. "The performance of Pakistan Railways has been outstanding," he added. Furthermore, Abbasi revealed that Pakistan Railways was generating revenue through its leased properties. "In line with the Prime Minister's vision, Royal Palm will be outsourced, with transparency in the bidding process, and bids will be opened in full public view," the minister stated. Abbasi also announced a Rs1 billion budget allocation for the eight railway hospitals. He stated that efforts were underway to outsource these hospitals, but promised that medical services for railway employees would remain free of charge.
