Pakistan Petroleum Limited (PPL) yesterday announced to have found another natural gas and condensate reserve in Sanghar district of Sindh.
“This is the fifth discovery in the (Gambat South) block after Wafiq, Shahdad, Sharf and Kinza gas and condensate discoveries,” declared an elated PPL in a press statement while disclosing a fresh find of about 8.5 million cubic feet gas and 115 barrels condensate per day from Faiz X-1 well.
With 65 per cent working interest, PPL is the operator of Gambat South Block with its joint venture partners Government Holdings (Private) Limited and Asia Resources Oil Limited with 25pc and 10pc interest respectively.
The announcement said exploration well Faiz X-1 was spud on October17, 2014 and reached final depth of 3,564 metres on December 1, 2014. Based on wire line logs, potential hydrocarbon bearing zones were identified in the Massive Sand of Lower Goru Formation, which were currently under testing.
“Initial testing flowed 8.46 mmscfd (million standard cubic feet per day) gas along with condensate volume of 115 barrels per day at 64/64 inches choke size, thus confirming presence of commercial quantities of natural gas and condensate at Faiz X-1,” the company said.
This discovery will translate into approximately 1,300 barrel per day in oil equivalent and foreign exchange saving of $78,000 per day or about $28.5 million per year, it added.
