Pakistan Petroleum Limited (PPL) proceeded as the first Pakistan-based oil and gas exploration firm to have gone global.
PPL has started drilling a well in Iraq, where gas deposits of 200-300 million cubic feet per day (mmcfd) are expected to be found.
The well, which was drilling on an integrated project management basis by a Chinese drilling contractor, Zepec, marked an appreciable milestone in the company’s history as its first international exploration well, the company said.
“Notably, the company is also the first Pakistani oil and gas exploration and production company to have a footprint as an operator on the international oil and gas map,” it also said.
Moreover, PPL share price shuffled Rs0.16, or 0.09%, and closed at Rs176.65 with trading in 314,300 shares at the PSX.
“The Madain-1 prospect matured with the help of a 3D seismic survey carried out by the company over a 300-square-kilometre area of the block that spanned around 6,000 square kilometres,” added further the company notification.
“There are multiple reservoir targets in Madain-1 that will be drilled to a depth of approximately 5,000 metres.”