Pakistan Petroleum Limited (PPL) – a state-run oil and gas exploration company has announced a hydrocarbon discovery in its first exploratory well Margand X-1. The hydrocarbon reserves have the potential deposits of one trillion cubic feet – largest gas reserves found since 2000, located in Kalat district, Balochistan.
Although, PPL has not yet announced the actual size of the hydrocarbon reserves in the block. Margand X-1 was drilled on June 30, 2019, which reached a depth of 4,500 metres inside Chiltan limestone.
“Initial estimates based on the structure of the Margand block reveal that this block has one trillion cubic feet of reserves,” an official revealed, adding that Pakistan will save $900 million due to LNG import substitution if PPL flows reach 300 mmcfd.
Since 2000, no major discovery of hydrocarbon reserves has been made due to low wellhead gas prices and bureaucratic snags. Various firms like British Petroleum, Niko Resources and Malaysia-based Petronas have also pulled out of the country due to small hydrocarbon discoveries.
Although, PPL has not yet announced the actual size of the hydrocarbon reserves in the block. Margand X-1 was drilled on June 30, 2019, which reached a depth of 4,500 metres inside Chiltan limestone.
“Initial estimates based on the structure of the Margand block reveal that this block has one trillion cubic feet of reserves,” an official revealed, adding that Pakistan will save $900 million due to LNG import substitution if PPL flows reach 300 mmcfd.
Since 2000, no major discovery of hydrocarbon reserves has been made due to low wellhead gas prices and bureaucratic snags. Various firms like British Petroleum, Niko Resources and Malaysia-based Petronas have also pulled out of the country due to small hydrocarbon discoveries.