Islamabad, Oct 14: Pakistan Petroleum Initiates Oil and Gas Production in Potohar Region. Pakistan Petroleum Limited (PSX: PPL) notified the primary stock exchange on Monday that it has begun producing gas and oil at the Adhi South-9 well in the Potohar area.
According to the stock filing, “production has begun from Adhi South-9, a new development well drilled in Adhi Mining Lease which is operated by the Company with 39% working interest along with its Joint Venture partners,” as part of our ongoing efforts to increase oil and gas production.
With 50 percent and 11 percent operating interests, respectively, Oil & Gas Development Company Limited (OGDC) and Pakistan Oilfields Limited (POL) are PPL’s joint venture partners.
Based on promising log data, Adhi South-9 was successfully drilled to a depth of 3,430 meters and finished as a producer. Production from the well has started at a rate of 530 barrels per day (bpd) of oil and 0.6 MMSCFD of gas since the well was tied in with the plant. With more than 3.4 million shares on Monday, PPL’s scrip at the stock exchange ended the day at Rs. 130.47, down 0.96 percent or Rs. 1.27.
Currently the Potohar region is fast emerging as a zone of considerable hydrocarbon with great potential to power up the energy sector of Pakistan. This is due to exploration and development activities that PPL has embarked on once again to enhance the country’s reliance on the importation of the products.
Leaders have considered these changes to hold the prospect of boosting the growth of local communities in terms of employment opportunities and putting up of structures. The project fits into the overall national energy plan in Pakistan as well as the effort to optimise the use of resources.
