New oil and gas reserve discovered in North Waziristan
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).
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