MOL finds new O&G deposit in Pakistan
Hungarian oil and gas operator makes fifth discovery in TAL block
Hungarian oil company MOL has made a new discovery of oil and gas in Pakistan’s KPK Province from its exploratory well, Makori East-1, which is being drilled in the TAL block, the company said on the Budapest Stock Exchange website.
The new discovery in the Lockhart Formation is MOL’s fifth in the Tal block, the company said that production in the upper 50 metres of the 3,400 metres drilled section stands at 3,209 bbl per day of oil and 10.7 mmscfd.
Drilling is set to continue over the next three months, as the full extent of discovery will be known once the well reaches the planned total depth.
Zoltán Áldott, Exploration and Production executive vice president of MOL said: “Our current discovery is another evidence of MOL’s successful international exploration and production activity. While our more-than-ten-years experience in Pakistan is a good example of the outstanding performance of MOL, as operator, in strong cooperation with the Government of Pakistan and the members of consortium.
János Fehér, CEO of MOL Pakistan said: “Discovery of Makori East-1 was recorded on the fifth separate field of TAL exploration and production block. This means that in Pakistan we have beaten the previous record, done by MOL, regarding numbers of discoveries on separate fields in one block. This success is the result of the devoted work of the local team,
supported by colleagues in Budapest.“
Hydrocarbon exploration has been carried out in this block since 1999 by a consortium of companies including Pakistan’s Oil and Gas Development Co. Ltd (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Ltd (POL) and Government Holdings (Pvt.) Ltd (GHPL) with MOL as an operator of this joint venture. MOL has a 10% interest in the consortium.
Pakistan’s Federal Minister for Petroleum and Natural Resources, Syed Naveed Qamar, speaking at the recent Annual Technical Conference of the Society of Petroleum Engineers (SPE) and Pakistan Association of Petroleum Geoscientists (PAPG) in Islamabad, emphasised the need to accelerate indigenous oil and gas production.
He also said that Pakistan should employ all means and affordable technologies for exploiting the untapped, unconventional reservoirs of tight, shale and low btu gases in the country as Pakistan struggles to import oil and gas.