Pakistan Petroleum Limited (PPL), an oil and gas exploration firm, has successfully commissioned the exploratory well Jhim East X-1, located in Sujawal district of Sindh.
The E&P, a key supplier of natural gas in the country, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to disclose that as part of the exploration and development activities in the Shah Bandar JV Block (Block 2467-16), the second exploratory well Jhim East X-1 located in Sujawal district, Sindh, has been successfully commissioned,” read the notice.
The well is producing approximately 10 million standard cubic feet per day (mmscfd) gas and more than 150 barrels per day (bpd) condensate with a wellhead flowing pressure (whfp) of approximately 2,800 pounds per square inch (Psi) at 40/64-inch choke size.
PPL records significant boost in hydrocarbon production
According to PPL, Jhim East X-1 gas is being processed at MPCL’s Sujawal Gas Processing Facility for onward supply to SSGC.
The company emphasized that the commissioning has “added much-needed gas supplies to the national gas distribution network and will enable the energy sector to reduce the gap between the supply and demand during the current energy crisis and will save significant foreign exchange for the country by way of import substitution”.
The Shah Bandar JV is a joint venture between Pakistan Petroleum Limited (WI 63%) as operator, Mari Petroleum Company Limited (WI 32%), Sindh Energy Holding Company Limited (WI 2.50%) and Government Holdings Private Limited (WI 2.50%).
Last month, PPL discovered hydrocarbon reserves from the Pateji X-1 well, located in Sujawal district of Sindh.
As per the company’s latest financial results, PPL saw its profit-after-tax (PAT) drop nearly 24% to clock in at Rs22.69 billion for the quarter ended September 30, 2024.
American Dollar Exchange Rate