Good news for Pakistan, Massive oil and gas reserves found

Massive oil and Gas reserves have been discovered from Kohat, Khyber Pakhtunkhwa.

According to details, Pakistan’s largest Oil and Gas Development Company (OGDCL) has discovered new oil and gas reserves in the district of Kohat, Khyber Pakhtunkhwa (KP).

Massive oil and gas reserves unearthed in Khyber Pakhtunkhwa will give impetus to Pakistan’s growing needs and will strengthen the dwindling economy of Pakistan as it will save the exchange and import of goods.

According to Oil and Gas Development Company Limited (OGDCL), 240 barrels of crude oil can be excavated from a deep gorge along with annual gas production of 127 cubic feet of natural gas.

The official statement on the discovery states that the Oil and Gas Development Company Limited (OGDCL) owns 50% of the shares from the overall discovery while Mari Petroleum Company owns 33.33% of the shares from the discovery, whereas Saif Energies owns 16.7% of shares.

Pakistan Stock Exchange has been notified of the discovery which will help Pakistan’s economy and ensure value in the foreign exchange arena.

Few days back, New oil and gas reserves were discovered from TAL Block in Kohat. Initial testing considered it as extremely encouraging as it showed flow of crude oil at 1,844 barrels per day and 18.25 mmcfd of gas.

Most of the oil and gas reserves are being provided by Sindh province. As per the 18th amendment, 50% of the shares of natural resources are dedicated to the province, which are not being given.

In a major breakthrough, the Oil and Gas Development Company Ltd (OGDCL) issued a statement on July 24 this year, that it has discovered oil and gas reservoir in district Sanghar of Sindh province.

Oil and Gas Development Company Ltd (OGDCL) told the stock exchange last year that gas and condensate was discovered from its exploratory cum appraisal Mangrio Well 1, which is located in district Tando Muhammad Khan, Sindh.

Earlier on April 19, Mari Petroleum Company Limited (MPCL) made an oil discovery near Gujar Khan in Rawalpindi District.