KARACHI: Pakistan Petroleum Limited (PPL) has made a meagre discovery of natural gas from exploratory well Hub X-1 located in District Lasbela, Balochistan, which makes insignificant commercial impact.
“During testing, the well flowed 0.08 mmscfd (million standard cubic feet per day) from 2730-2760 meter interval,” PPL said in a press statement. “Moreover, from 2250-2375 metres, continuous gas was observed at surface with the rate of 0.02 mmscfd. This rate may be uncertain due to very low flow rate.
“The Hub X-1 discovery is too meager to have any commercial significance. However, it has academic significance and may cast favourable impact on the future of exploration in the area. The true extent of the discovery will only be known after substantial appraisal work,” it added.
PPL’s share price dropped 2.13%, or Rs4.53, and closed at Rs207.73 with 840,800 shares changing hands on Friday. PPL is operator of Hub Block (2566-4) together with its partner Sindh Energy Holding Company Limited in a joint venture.
Hub X-1 drilled down to the depth of 4,555 metres to test the potential of Cretaceous and Jurassic reservoirs, it said.
Published in The Express Tribune, July 21st, 2018.
Tayyabb Tareen has been ordered to submit his response till May 24
Former finance minister Miftah Ismail also summoned by NAB
More in Business