Company digging for water finds gas
It was like striking gold when a company prospecting for freshwater spuded a gas reserve.
TPL Properties has reported the discovery of a gas pocket while drilling a test well for water exploration in Korangi Creek.
FIn a notice submitted to the Pakistan Stock Exchange (PSX), the company stated that preliminary technical assessments, along with independent evaluations from industry experts, suggest the gas is likely low biogenic methanenaturally produced through the decomposition of organic matter.
As the location is not part of a recognized natural gas reservoir, the company noted that the gas pocket is expected to dissipate naturally over time if the fire is allowed to burn. The discovery was made as part of a series of extensive studies conducted in collaboration with leading national and international consulting firms. These studies included geotechnical analyses, soil structure and contamination assessments, electrical resistivity (ER) surveys, a comprehensive Environmental and Social Impact Assessment (ESIA), and other baseline evaluations.
Following the incident on the night of Friday, March 28, 2025, TPL Properties has taken all necessary measures to manage the situation and has informed the relevant stakeholders accordingly.
Large reserves in Korangi Creek
Earlier a geologist talking to The Express Tribune had expressed the possibility of large underground gas reserves in the Korangi Creek area, urging the need to extinguish the fire that has been burning for five days and initiate gas exploration activities at the site.
Associate Professor at the University of Karachi's Department of Geology, Dr Adnan Khan, told The Express Tribune that 56-year data from wells drilled in the Indus Delta region for oil and gas exploration, points to the potential presence of methane gas at the site where water boring led to gas emission and the outbreak of fire. He added that there is also a possibility of coal deposits at the site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
8 hours ago
- Express Tribune
Sacrifice pool prices rise in line with animal costs
The cost of each share of collective or pool sacrifice has also increased with the hike in the price of the sacrificial animals. Bulls, cows and camels have seven shares in sacrifice for the Eidul Azha. While many households buy their own animals and distribute the share among family and friends, others choose to pool the sacrifice with local mosques or welfare organisations to fulfil the religious obligation. Due to the high cost of sacrificial animals, it is becoming difficult for many people to perform the Sunnah of Ibrahim on an individual level. That is why there has been an increase in the trend of collective sacrifice on Eidul Azha in Karachi this year. Imran-ul-Haq, the administrator of a welfare organisation that conducts collective sacrifices, informed The Express Tribune that sacrificial animals are being sold at exorbitantly high prices this year. He said that people who bought a heifer for less than Rs100,000 and a goat for around Rs30,000 last year, have found it difficult to sacrifice individually this Eidul Azha. That is why a large number of citizens are opting for collective sacrifice. He said that due to the high cost of animals, the share of collective sacrifice has also increased from Rs3,000 to Rs10,000. He said that various madaris, mosques and welfare organisations have introduced various packages of collective sacrifice. The share which was Rs20,000 to Rs25,000 or less last year has increased to Rs28,000 or more this year.
Express Tribune
11 hours ago
- Express Tribune
KSE-100 retreats on budget jitters, taxes
Listen to article The Pakistan Stock Exchange (PSX) witnessed a volatile session on Thursday, with the benchmark KSE-100 index retreating after hitting record highs a day earlier. Investor sentiment turned cautious due to concerns about stringent conditions linked to a new International Monetary Fund (IMF) programme, including proposed enforcement of agriculture income tax and the IMF's opposition to provincial energy subsidies. Adding to the bearish outlook were fears of aggressive fiscal measures in the upcoming FY26 federal budget. These include possible new taxes on banking and savings income, along with anticipated hikes in petroleum levies on petrol and diesel. A weakening rupee and a 10% year-on-year (YoY) decline in exports for May also dampened investor confidence. Arif Habib Corporation Managing Director Ahsan Mehanti commented that the market declined following reports of IMF pressure for strict enforcement of agriculture taxation and improved tax collection mechanisms, while resisting provincial subsidies on power. "Expectations of higher taxes on banking and savings, increased petroleum levies, rupee instability, and a sharp YoY decline in exports all weighed on sentiment," he said. The KSE-100 index closed at 121,641 points, down 157.87 points or 0.13% from the previous day. Despite the decline, the market remained within a broad range throughout the session, with an intra-day high of +483 points and a low of -281 points, according to Topline Securities. The firm noted that the range-bound activity came ahead of the long Eid holidays, following a recent rally. Topline also highlighted the most traded companies by value, with Unity Foods leading at Rs1.67 billion, followed by Engro Holdings (Rs1.24 billion), K-Electric (Rs1.03 billion), Searle Company (Rs847 million), and TRG Pakistan (Rs785 million). Arif Habib Limited (AHL) noted that despite the minor setback, the week had remained positive overall, with the market touching all-time highs. Engro Holdings (+3.24%), Pakgen Power (+10.0%), and Service Industries (+5.49%) contributed to the index's gains. On the downside, Meezan Bank (-2.11%), Systems Ltd (-1.68%), and Fauji Fertilizer (-0.5%) were key laggards. In broader developments, Prime Minister Shehbaz Sharif is scheduled to visit Saudi Arabia on June 5-6 to meet Crown Prince Mohammed bin Salman for talks on bilateral cooperation, regional security, and economic collaboration. Meanwhile, Sui Northern Gas Pipelines Limited (SNGPL) stated in a corporate briefing that its capital expenditure (capex) is expected to hover around Rs30 billion annually over the coming years. Analysts projected 120,000 points to act as a post-Eid base level for the KSE-100, with potential to move higher provided macroeconomic stability continues. KTrade Securities echoed similar views in its market wrap, observing that despite the volatility, trading activity remained strong with volume reaching 854 million shares. Leading the volume chart were K-Electric (179 million shares), Unity Foods (62 million), and WorldCall Telecom (52 million). However, slight profit-taking was noted in banking, cement, and oil and gas sectors. KTrade added that investors are expected to stay cautious in the lead-up to the federal budget announcement on June 10, 2025. JS Global analyst Mubashir Anis Naviwala reported that the index had opened positively and surged to a new intra-day high of 122,281, but profit-taking dragged it down by the close. Notable trading activity was seen in oil & gas, fertiliser, power, and banking sectors. A total of 478 companies' shares were traded. Among them, 217 closed higher, 208 declined, and 53 remained unchanged. K-Electric was the volume leader, gaining Rs0.42 to close at Rs5.83. It was followed by Unity Foods, which rose Rs0.75 to close at Rs26.89, and WorldCall Telecom, which added Rs0.05 to close at Rs1.42. Foreign investors sold shares worth Rs271.6 million, according to the National Clearing Company.
Business Recorder
11 hours ago
- Business Recorder
PSX slumps
KARACHI: The Pakistan Stock Exchange (PSX) witnessed a lackluster trading session on Thursday, with key indices posting marginal losses amidst fluctuating investor sentiment. The benchmark KSE-100 Index slightly declined by 157.87 points or 0.13 percent to close at 121,641 points on Thursday down from 121,799 points on Wednesday. The index remained volatile throughout the session, touching an intraday high of 122,281.58 points and a low of 121,517.90 points. On Thursday, the BRIndex100 also concluded the session on a negative note, down by 51.16 points or 0.39 percent to close at 13,034.25 points. The index recorded a healthy trading volume of 724.30 million shares. In addition, the BRIndex30 also ended in the red, losing 65.42 points or 0.17 percent to settle at 38,027.81 points, with a turnover of 455.93 million shares. Analysts argued that the volatile price action was largely driven by selective profit-taking, as investors adopted a cautious stance amid lingering economic uncertainties and anticipation surrounding upcoming macroeconomic announcements. According to JS Global, the market commenced Thursday's session on a positive note, rallying to an intraday high of 122,281 points on the back of early bullish sentiment and aggressive buying in select sectors. However, the upward momentum proved short-lived as profit-taking at higher levels triggered a pullback, ultimately dragging the benchmark KSE-100 Index down to close at 121,641 points, marking a decline of 158 points. Market participation improved on Thursday, with overall traded volumes rose to 854.61 million shares, up from 710.59 million shares recorded in the previous session. Despite the surge in activity, the daily traded value contracted sharply to Rs 25.79 billion, compared to Rs 35.22 billion a day earlier, indicating a shift towards lower-priced stocks and speculative counters. Meanwhile, the market capitalization remained largely range-bound, declining by Rs 21 billion to settle at Rs 14.728 trillion, against Rs 14.749 trillion in the prior session. Among the active stocks in the Ready Market, K-Electric Limited led the volumes with 179.67 million shares to close at PKR 5.83. Unity Foods Ltd and WorldCall Telecom followed with turnovers of 62.90 million and 52.37 million shares respectively with the closing rates of 26.89 and Rs 1.42. Among the top gainers, Rafhan Maize Products saw a sharp rise of Rs 114.29, closing at Rs 9,855.72, while Pakistan Engineering Company Limited gained Rs 81.93 to settle at Rs 901.23. On the other hand, the major losers of the day included PIA Holding Company LimitedB, which dropped by a hefty Rs 3,198.89 to close at Rs 28,789.98, and Khyber Textile Mills Limited, which fell by Rs 303.91 to finish at Rs 2,735.17. Meanwhile, BR Automobile Assembler Index closed at 21,015.36 points with a net negative change of 69.29 points or 0.33 percent with the total turnover remaining 3.772 million shares. BR Cement Index lost 72.05 points or 0.7 percent to settle at 10,242.24 points with a total turnover of 63.76 million. BR Commercial Banks Index closed at 36,217.98 points down by 253.68 points or 0.7 percent with a total turnover of 66.835 million shares. Meanwhile, BR Power Generation and Distribution Index ended at 21,454.69 points with a net positive change of 291 points or 1.38 percent with total turnover of 185.760 million shares. BR Oil & Gas Index closed at 11,542.23 points with a net negative change of 68.79 points or 0.59 percent on 26.536 million shares turnover. While BR Technology & Communication Index finished at 3,002.81 points marking a positive change of 34.17 points or 1.15 percent, with a total turnover of 96.430 million shares. Market analysts attributed the day's volatility to cautious investor sentiment ahead of key economic data releases and the upcoming federal budget, both of which are expected to steer market direction in the coming sessions. The Topline Securities noted that following a recent buying spree, the market remained range-bound on Thursday as investors preferred to adopt a wait-and-see approach ahead of the long Eid weekend. Copyright Business Recorder, 2025
