Islamabad, July 29, 2024 – Pakistan Oilfields Limited (POL) has announced a groundbreaking discovery of substantial oil and gas reserves in Khyber Pakhtunkhwa, marking a significant development in the country’s energy sector.
According to a statement from POL’s spokesperson, the newly drilled Razgir well in the TAL Block has shown promising results. The well, which began drilling operations on January 9, 2024, has reached a depth of 3,950 meters and is estimated to produce 250 barrels of crude oil and 20 million cubic meters of natural gas per day. The wellhead pressure is reported at 2,348 PSI.
The Razgir well is a joint venture among POL, Oil & Gas Development Company (OGDC), and Pakistan Petroleum Limited (PPL), with respective ownership stakes of 21.1%, 27.8%, and 27.8%. The discovery is expected to enhance the share values of these companies, with anticipated increases of Rs 3.13 for OGDC, Rs 0.43 for PPL, and Rs 0.27 for POL annually.
In addition to the Razgir well, POL has uncovered another significant deposit in the Attock district. The new well in the Ikhlas block is producing 714 barrels of crude oil and 10 million cubic feet of natural gas per day, further bolstering the country’s energy resources.
POL, a multinational oil and gas company headquartered in Budapest, Hungary, is also actively engaged in the marketing of liquefied petroleum gas (LPG) besides its core activities of exploration, drilling, and production.
Testing operations are ongoing to fine-tune the assessment of the well’s capacity, as actual production levels may vary from initial test results.
This major find comes amidst a series of recent discoveries in the region, including new reserves in Dera Ismail Khan and Sindh by other industry players.
For more details, follow updates on oil and gas developments in Pakistan.
