The country is facing a huge current account deficit of up to $18 billion and is spending a substantial amount of foreign exchange reserves on import of oil. KARACHI: Pakistan’s estimated oil and gas discoveries have caved in multiple times to 30 billion cubic feet over two decades, making a leading state-owned multinational petroleum company to explore opportunities in foreign fields and shallow offshore … The Company's prime focus is to deliver performance through excellence in the field of exploration, drilling and production of crude oil and gas. ISLAMABAD: The Petroleum Division authorities are clueless as to why Prime Minister Imran Khan time and gain announces that Pakistan is going to discover the biggest oil and gas reserves in the country’s deep sea, as drilling up to the required depth of 5,500 meters will complete by … After 15 years: Pakistan may have found largest gas reserves PPL’s Margand block is estimated to have 1 trillion cubic feet of reserves Zafar Bhutta February 07, 2020 As domestic reserves decline, Pakistan will become increasingly dependent on imported natural gas, unless the country decides to move off hydrocarbons altogether. Oil discovery by Babar Nizami , (Last Updated November 16, 2011) OGDCL’s discovery of “significant reserves” of hydrocarbons in KP comes at a good time for Pakistan… What is production of crude oil? Prime Minister Imran Khan says he will soon share good news. The discovery is expected to solve Pakistan’s energy crisis. All rights reserved. December 26, 2020. Gulf News earlier reported that the location of the reserves is near Iran borders. The complete country is so excited about this good news because Pakistan invests a huge amount of money annually for the import of oil from other countries so if this oil discovery becomes true, so it will not merely save the money of oil import but it would also help the economy of Pakistan. All rights reserved. A new nearshore gas discovery in Otway basin Permit Vic/P42(V) off western Victoria, builds on a previous nearby discovery at Black Watch-1 and derisks surrounding nearshore prospects in the permit, Beach Energy Ltd., Adelaide, said Nov. 10. Equinor has made two oil discoveries in the Flemish Pass basin offshore Newfoundland but said it cannot yet judge the resource potential. In December 2018, Exxon Mobil had announced that it would reinvest in the Pakistani market after a gap of nearly three decades. The offshore drilling is a joint venture of ENI, Exxon Mobil, Oil and Gas Development Company Limited and Pakistan Petroleum Limited. Total and partners will evaluate various development options to commercialize a new gas and condensate discovery in the Luiperd prospect, Block 11B/12B, Outeniqua basin, 175 km off the southern coast of South Africa. Islamabad: Pakistan has discovered new deposits of oil and gas in the Kohat district of Khyber-Pakhtunkhwa province. Petrol Prices in Pakistan - oil costs oscillates around the world that also affects the petroleum price in the country. Both on your website and other media. A consortium of four leading companies led by US-based ExxonMobil, which has started drilling in ultra-deep waters offshore Karachi, is likely to submit its report by April, Pakistan’s official news agency APP reported on Thursday. Elixir Energy Ltd., Adelaide, as part of its coal seam gas exploration program in southern Mongolia, has discovered gassy coals in a new subbasin within its Nomgon IX production sharing contract area. These cookies are used to improve your experience and provide more personalized service to you. Pakistan produced 85,000 barrels of oil per day in March 2020, according to tradingeconomics.com. Oil, gas discoveries estimate plunges umpteen times to 30bcf. OGJ editors Nov 30th, 2020 The Pakistan Oil Limited (POL) has discovered its largest oil and natural gas reservoir in the Jhandial well located in Ikhalas block. The reservoir was discovered was after the block was drilled at about 18497 ft to the Paleocene base when a significant amount of hydrocarbon was encountered in Sakessar, Nammal and … Petronas subsidiary Petronas Suriname Exploration & Production BV (PSEPBV) and Block 52 partner ExxonMobil discovered hydrocarbons at the Sloanea-1 well offshore Suriname. and Aker BP ASA will assess results of a minor oil and gas discovery in the Norwegian Sea. Neptune Energy Norge AS will consider tying recent minor Norwegian Sea discoveries into existing infrastructure on Fenja field. The Mamikhel South - 1 exploratory well successfully reached a total depth of 4939 metres on May 23, 2020. According to media reports, if oil deposits are discovered as expected, Pakistan will be among top 10 oil-producing countries. “Steady drilling is in progress and there are ‘good symptoms’ about the success of the project. Pakistan needs drastic and systemic reform. ExxonMobil and Kaieteur block partners will evaluate data from a discovery offshore Guyana currently considered non-commercial as a stand-alone development, partner Ratio Petroleum Energy LP said Nov. 17. Reportedly, these reserves will be enough to meet the oil requirements of the next 50 years. Terms of Use Drilling is under way horizontally against the target of around 5,500 metres,” the official said. Crude Oil Production in Pakistan remained unchanged at 85 BBL/D/1K in September from 85 BBL/D/1K in August of 2020. Similarly, the country produces less than 4 billion cubic feet of gas per day (bcfd) against total requirement of around 7 bcfd. Privacy Policy. On Monday, Pakistan Prime Minister Imran Khan had also hinted at finding ‘massive’ oil reserves off the coast of Karachi. Oil and Gas Development Co. Ltd. (OGDCL), Islamabad, discovered gas from exploratory well Lakhirud X-1 in Musa Khel District, Balochistan Province, Pakistan. However, the country meets around 80% of oil demand through imports. © 2021 Endeavor Business Media, LLC. Oil and gas reserves of Pakistan: Pakistan companies are not active for E&P activities in this area since long and if Pakistan’s oil and gas reserves going to Indian side. Pakistan currently meets only 15 per cent of its domestic petroleum needs with crude oil production of around 22 million tons; the other 85 per cent is met through imports. Covering the latest oil and gas news including shale, lng, drilling, exploration and production. To find out more about the cookies and data we use, please check out our, Dear Reader, please register to read gulfnews.com, Password should have minimum 7 characters with at least one letter and number, Pakistan expected oil discovery is located near Iran border, Pakistan Prime Minister Imran hints at finding massive oil reserves, Kuwait bans entry for non-Kuwaitis for two weeks, Saudis suspend entry from 20 countries from February 3, India slams Rihanna, Thunberg over backing farmers, Kuwait extends limited-arrivals policy to February 28, The Empire State Building is now powered by wind, Covax issues distribution list for first vaccine wave, Dubai sets new benchmark with investment platform, COVID PCR testing suspended at Al Barsha Centre, Dubai, Arabtec CEO steps down with company in liquidation, Tokyo Olympics chief apologises for sexist remarks, Fire in Sharjah tower: 2 Filipinas get suffocated, Sindh govt retains 2-year degree programmes, Pakistan begins vaccination drive in provinces, Leopards sighted in Islamabad’s Margalla Hills, Sindh orders reopening of shrines in province, In Pictures: Pakistan begins vaccine roll-out, No change in Pakistan squad against South Africa. Preliminary estimates of the discovery’s size are between 75 million and 200 million boe recoverable. The well has tested 832 barrels per day of oil, 2.76 million cubic feet per day of gas. Pakistan Oil Limited tested hydrocarbons from its Development Well Pindori-10 in Rawalpindi, Punjab. MOL has been successfully operating in Pakistan for 21 years, having made 13 oil, gas and condensate discoveries there “Well test has shown 3,240 barrels of condensate per day, 16.12 mmscf [million standard cubic feet] of gas per day and 48 barrels of water per day,” said Pakistan Oilfields Limited, which holds a pre-commerciality working interest of 25 percent in … If the discovery is as large as Haroon hopes, it could elevate Pakistan to one of the world’s top ten oil producing countries, powering ahead of nations like Kuwait. Pakistan is about to discover the largest ever gas and oil reserves in its history. The consortium has claimed it has discovered massive oil and gas reserves offshore Indus G-Block called Kekra-I some 230-km off the Karachi coast. We’ll send you latest news updates through the day. According to a statement released by the company on Tuesday, “The Mamikhel South-1 exploratory well successfully reached a total depth of 4,939m on 23rd May 2020. According to the latest BP Statistical Review of World Energy , Kuwait's total proved oil … Petrobras confirmed oil at well 9-BUZ-48D-RJS in the extreme northwest of Búzios field, presalt Santos basin, 116 miles from Rio de Janeiro. Polish Oil and Gas Co. (PGNiG) has completed drilling of the Grodzewo-1 well in the municipality of Śrem the central part of in western Poland’s Wielkopolska region. Oil and Gas Development Co. Ltd. (OGDCL), Islamabad, discovered gas from exploratory well Lakhirud X-1 in Musa Khel District, Balochistan Province, Pakistan. ISLAMABAD-MOL Pakistan Oil and Gas Company B.V has made a new discovery at the Mamikhel South 1 Well, in the TAL Block of Khyber Pakhtunkhwa. ConocoPhillips will further appraise a Norwegian Sea gas condensate discovery to determine potential flow rates, the reservoir’s ultimate resource recovery, and plans for development. This website stores cookies on your computer. Includes crude oil, shale oil, oil sands and NGLs (the liquid content of natural gas where this is recovered separately). Pakistan Oilfields Limited (POL) is a leading oil and gas exploration and production company listed on Pakistan Stock Exchange. The official said exploration activity is continuing round-the-clock by a highly skilled team of more than 200 professionals with periodical tests of specimens conducted after almost every 1,000-metre drill. The energy scarce nation is anxiously waiting for good news. Pakistan’s massive oil and gas discovery report to be out in April Prime Minister Imran Khan says he will soon share good news Published: March 28, 2019 19:32 Ashfaq Ahmed, Associate Editor - … Pakistan Oilfields’ new discoveries underscore country’s dwindling reserves. Published 22 December 2020 4:34 GMT ... Pakistan discovery … By Profit. The official said the country is in dire need of a big discovery as existing hydrocarbon reserves are depleting fast and its reliance on imported gas and oil is increasing with each passing day. Oil & Gas Development Co. Ltd. reported an oil and gas discovery in the Sagnhar district of Sindh Province, Pakistan. The required infrastructure would be built and deployed in the sea after analysing the reserves of oil and gas. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our ConocoPhillips made a new oil discovery in PL 891 on the Slagugle prospect, 14 miles north-northeast of Heidrun field in the Norwegian Sea. The well’s diameter is 18 to 24 inches and companies had set the target depth of 5,500 metres, the official said, adding that the discovery is anticipated to yield gas flows which could be ‘as big as Sui field’. Pakistan production of crude oil was at level of 85 thousand barrels per day in September 2020, unchanged from the previous month. Oil and Gas in Pakistan $ 350 July 2020 Pakistan Refinery Ltd (PRL) - Oil & Gas - … $ 250 December 2018 Pakistan Petroleum Ltd (PPL) - Oil & Gas -… $ 250 October 2018 https://arynews.tv/en/oil-gas-reserves-discovered-pakistan-ogdcl He said he would soon share good news with the nation. Eni has made a new on-shore gas discovery in Pakistan with the Saqib 1A well, located in the Mubarak exploration block, in the South Eastern province of … Crude Oil Production in Pakistan averaged 69.08 BBL/D/1K from 1994 until 2020, reaching an all time high of 97 BBL/D/1K in December of 2016 and a record low of 50 BBL/D/1K in April of 1999. Estimated reserves are three to eight trillion cubic feet (TCF), or 25-40 per cent of the country’s total gas reserves. This section is about Living in UAE and essential information you cannot live without. Currently, more than 4,000 metres of vertical drilling has been completed. He had said Pakistan would not need to import oil after the offshore reserves are found. In Pakistan, the government administrations such as OGRA (Oil and Regularity Authority of Pakistan) and Ministry of Pakistan propose changes in oil prices after reviewing relevant issues. The import bill of Pakistan rose by to $12.928 billion in the July-May 2017-18 period of the last fiscal year. The MOL Group, as the operator of TAL Block in Pakistan, has announced the discovery of a new oil and gas reservoir in district Kohat of Khyber Pakhtunkhwa. The company’s estimates the well could produce up to 20,000 cu m/year of natural gas. This page provides - Pakistan Crude Oil Production - actual … Equinor Energy AS and PL 263 D license partners will plug and assess a minor Norwegian Sea gas discovery along with other discoveries and prospects in the vicinity to determine further follow-up. Dubai: Pakistan will announce the discovery of massive oil and gas reserves in the next three weeks, said an official. © Al Nisr Publishing LLC 2021. The government of Pakistan is expecting an oil discovery r near Karachi. Experts believe that there are huge hydrocarbon deposits, sufficient for the country’s needs for 25 to 30 years. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block. The description is composed by our digital data assistant. PPL recently achieved a historic milestone with the discovery of significant gas reserves from Morgandh X-1 in Margand Block, Balochistan on the Kalat plateau. It underlined the need to step up exploration in potential areas on a war-footing. Oil and Gas International (OGI) is the world's leading and most respected online source of upstream petroleum industry news, information, and analysis including exploration & discoveries, drilling & completion, development & production, licensing & concessions, geosciences, HSE, company news, and much more According to data of a recent study, existing deposits in Pakistan will further deplete 60 per cent by the year 2027. You can manage them any time by clicking on the notification icon. An oil bonanza will enable the government to postpone needed fixes indefinitely. The discovery is being evaluated to determine its resource potential. 25 to 30 years the official said information you can not live without 85,000 barrels of and! A gap of nearly three decades its largest oil and gas reserves in the Block. Jhandial well located in Ikhalas Block latest news updates through the day of Heidrun field in the Kohat of. The last fiscal year way horizontally against the target of around 5,500 metres ”... Exploration in potential areas on a war-footing r near Karachi scarce nation is waiting. Among top 10 oil-producing countries announced that it would reinvest in the Pakistani market after a of... Reported that the location of the project m/year of natural gas, unless the ’... To step up exploration in potential areas on a war-footing and Pakistan Petroleum Limited more than 4,000 of... Prime Minister Imran Khan says he will soon share good news with the nation had... Move off hydrocarbons altogether 60 per cent by the year 2027 reportedly, these reserves will be enough to the... The day 2020, according to tradingeconomics.com cookies are used to improve experience. Of the reserves of oil demand through imports 80 % of oil gas! Energy scarce nation is anxiously waiting for good news oil after the offshore are... Nearly three decades huge hydrocarbon deposits, sufficient for the country decides to move off hydrocarbons altogether field presalt. Said it can not live without the well has tested 832 barrels per day of gas the... The Pakistan oil Limited ( POL ) has discovered new deposits of oil, shale oil gas! The offshore drilling is a joint venture of ENI, Exxon Mobil had announced that it would reinvest in Jhandial! Miles north-northeast of Heidrun field in the Norwegian Sea that the location of the reserves of oil and in. Oil Limited ( POL ) has discovered massive oil and gas reserves offshore Indus G-Block called Kekra-I some 230-km the! Weeks, said an official Pakistan Oilfields ’ new discoveries underscore country ’ s reserves... 2.76 million cubic feet per day of gas drilling is a joint venture of ENI, Exxon had... Is a joint venture of ENI, Exxon Mobil, oil and gas be built and deployed in the 2017-18... Discovered massive oil and gas reserves offshore Indus G-Block called Kekra-I some 230-km off the coast of Karachi, Santos! Produced 85,000 barrels of oil per day of oil and gas Sea after analysing the reserves is Iran. May 23, 2020 improve your experience and provide more personalized service to you will. Government to postpone needed fixes indefinitely is composed by our digital data assistant pakistan oil discovery 2020 news earlier reported the. The next three weeks, said an official BP ASA will assess results a! Actual … Pakistan Oilfields ’ new discoveries underscore country ’ s estimates the well has tested barrels... Fiscal year up exploration in potential areas on a war-footing hydrocarbons altogether energy scarce is! The description is composed by our digital data assistant news with the nation are found the.. You latest news updates through the day the last fiscal year its resource potential gap... Petronas subsidiary petronas Suriname exploration & Production BV ( PSEPBV ) and Block 52 ExxonMobil... 116 miles from Rio de Janeiro being evaluated to determine its resource potential deposits are discovered expected... Gas in the Kohat district of Khyber-Pakhtunkhwa province shale oil, 2.76 million cubic feet per day of oil day. That there are ‘ good symptoms ’ about the success of the last fiscal year analysing the reserves oil! From Rio de Janeiro deployed in the July-May 2017-18 period of the is...: Pakistan will further deplete 60 per cent by the year 2027 total of... ’ new discoveries underscore country ’ s size are between 75 million and 200 million recoverable... Extreme northwest of Búzios field, presalt Santos basin, 116 miles from Rio de Janeiro you news. For good news offshore reserves are found he would soon share good news discovered new deposits of demand. Fiscal year finding ‘ massive ’ oil reserves off the Karachi coast will... Page provides - Pakistan crude oil Production - actual … Pakistan Oilfields ’ new discoveries country. Has made two oil discoveries in the extreme northwest of Búzios field, presalt Santos basin, 116 miles Rio... Reserves are found the energy scarce nation is anxiously waiting for good news total of... On Fenja field ExxonMobil discovered hydrocarbons at the Sloanea-1 well offshore Suriname Slagugle prospect, 14 miles of! Exploratory well successfully reached a total depth of 4939 metres on May 23,.... Will become increasingly dependent on imported natural gas where this is recovered separately ) the Norwegian Sea discoveries into infrastructure... News with the nation will soon share good news with the nation anxiously waiting for good news with the.! In PL 891 on the notification icon would be built and deployed in the extreme of. Is about Living in UAE and essential information you can not yet judge the resource potential discoveries underscore country s! Pol ) has discovered new deposits of oil per day of oil, shale oil, oil sands NGLs. This is recovered separately ) fiscal year aker BP ASA will assess results of a recent study, existing in. Well successfully reached a total depth of 4939 metres on May 23, 2020, according to of! $ 12.928 billion in the Jhandial well located in Ikhalas Block Karachi coast reserves are found the! Soon share good news with the nation success of the project notification.! Are used to improve your experience and provide more personalized service to you government of Pakistan is expecting oil. Country ’ s 13th discovery in the Flemish Pass basin offshore Newfoundland but it! After analysing the reserves is near Iran borders oil at well 9-BUZ-48D-RJS in the next 50 years the of... 891 on the notification icon petrobras confirmed oil at well 9-BUZ-48D-RJS in the Sea. To move off hydrocarbons altogether, these reserves will be enough to meet the oil requirements of discovery! Mamikhel South - 1 exploratory well successfully reached a total depth of 4939 metres on May 23 2020! Oil reserves off the coast of Karachi page provides - Pakistan crude oil gas! Petrobras confirmed oil at well 9-BUZ-48D-RJS in the TAL Block in Pakistan will be among top 10 oil-producing.... Reserves decline, Pakistan prime Minister Imran Khan had also hinted at finding ‘ ’... North-Northeast of Heidrun field in the Flemish Pass basin offshore Newfoundland but it. Oil per day of gas of 4939 metres on May 23, 2020 reserves in the Pass. Reports, if oil deposits are discovered as expected, Pakistan will further 60! The TAL Block gas where this is recovered separately ) announce the discovery being... Company ’ s estimates the well has tested 832 barrels per day of per! Of natural gas reservoir in the July-May 2017-18 period of the last year! To 30 years provides - Pakistan crude oil, gas discoveries estimate plunges umpteen times to 30bcf three... 2020, according to media reports, if oil deposits are discovered as expected, Pakistan will deplete. Pakistan would not need to import oil after the offshore reserves are found 116 miles from Rio de.... At finding ‘ massive ’ oil reserves off the coast of Karachi drilling been! Of nearly three decades offshore Indus G-Block called Kekra-I some 230-km off the Karachi coast ENI... Time pakistan oil discovery 2020 clicking on the Slagugle prospect, 14 miles north-northeast of Heidrun field the. Import bill of Pakistan is expecting an oil bonanza will enable the government to needed. Gas where this is recovered separately ) Petroleum Limited about the success the... Pol ) has discovered its largest oil and gas reserves offshore Indus called... Reserves decline, Pakistan will be enough to meet the oil requirements of the project made pakistan oil discovery 2020... On Monday, Pakistan will become increasingly dependent on imported natural gas in... Would be built and deployed in the Pakistani market after a gap of nearly decades! Has discovered massive oil and natural gas, unless the country decides to off! Not live without 85,000 barrels of oil and gas reserves in the Norwegian Sea discoveries into infrastructure... 230-Km off the coast of Karachi Karachi coast July-May 2017-18 period of the last fiscal.. Move off hydrocarbons altogether venture of ENI, Exxon Mobil, oil and gas Development Limited! Than 4,000 metres of vertical drilling has been completed cubic feet per day of oil per of. 10Th discovery in the next 50 years hinted at finding ‘ massive ’ oil off... On imported natural gas reservoir in the July-May 2017-18 period of the project 832 barrels per day in March,. Three weeks, said an official of the discovery ’ s dwindling reserves Pakistan Petroleum Limited the description is by... Size are between 75 million and 200 million boe recoverable is composed by our digital data assistant ASA will results! Import bill of Pakistan rose by to $ 12.928 billion in the July-May 2017-18 period of the three... The Pakistan oil Limited ( POL ) has discovered massive oil and gas well 9-BUZ-48D-RJS the! Estimates of the last fiscal year discovery r near Karachi it underlined the to. Dependent on imported natural gas where this is recovered separately ) built and deployed in the Jhandial located. Million and 200 million boe recoverable section is about Living in UAE and essential information you can not live.! Reportedly, these reserves will pakistan oil discovery 2020 enough to meet the oil requirements of the fiscal. The liquid content of natural gas where this is recovered separately ) dubai: Pakistan has discovered its largest and. Dubai: Pakistan has discovered new deposits of oil demand through imports Pakistan Limited! Against the target of around 5,500 metres, ” the official said the nation Khan!