Mari Petroleum announced discovery of massive gas reservoirs

Mari Petroleum Company Limited (MPCL) has found a major gas repository of one trillion cubic feet in North Waziristan. Which will be useful in saving the country’s unfamiliar settlement of roughly $1.5 billion for every annum.

As per the MPCL, the creation of 25 million cubic feet of gas has begun from the ST-1 exploration well drilled in Bannu west block, situated in North Waziristan, Khyber Pakhtunkhwa. Also, more gas supply from different wells will be 200 million cubic feet each day (MMCFD). Additionally, raw petroleum creation from the Bannu west block has likewise begun.

“This is good news, after a long time, for an energy-starved country. As it estimated that this reservoir will produce approximately 15 percent of the total gas production of the country.” Said a source related to the development. 

He added that the cost of this native gas will be around $4 per million British Thermal Unit (MMBTU). While the nation is now enduring the worst part of $25 per MMBTU of Liquefied Natural Gas (LNG).

MPCL accepts that this is an enormous gas/condensate disclosure and the very first in North Waziristan. The consequence of a forceful investigation procedure taken on by the organization and upheld by the Joint Venture accomplices. 

Further, evaluation anyway expected to affirm the degree and creation capability of the disclosure.

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MD Faheem Haider’s Explanation

Faheem Haider, Managing Director Mari Petroleum ; has said that the administration is exceptionally excited about this disclosure. It could go quite far in gathering country’s energy needs from native assets bringing about saving of unfamiliar trade by virtue of import replacement.

He said; ‘we are focused on executing a most optimized plan of evaluation and improvement program to completely take advantage of the hydrocarbon assets’. He also said that they will find extra hydrocarbon expected in the block.

“Great news for Pakistan, Pakhtunkhwa, and in particular North Waziristan. This discovery of hydrocarbons near Mir Ali in a new gas field is brilliant, producing 15% of the country’s future gas possibly. Due to the Imran Khan government prioritizing exploration activity,” Taimur Khan Jhagra, PTI Finance and Health Minister of KPK said in a tweet.

Pakistan has been hit especially hard by rising fuel costs. Pakistan’s LNG import cost has increased 83% to $3.7 billion in the 10 months ended April, according to government data.