Pakistan Oilfield Limited (POL) has discovered significant new oil and gas reserves in Khyber Pakhtunkhwa.
According to POL’s spokesperson, a well drilled in the TAL Block, called the Razgir well, has been found to yield 250 barrels of crude oil and 20 million cubic meters of natural gas per day.
The drilling of this well began in January of this year.
The Razgir well is jointly owned by POL, Oil & Gas Development Company (OGDC), and Pakistan Petroleum Limited (PPL).
Additionally, POL recently discovered another large oil and gas deposit in the Attock district, also in the Khyber Pakhtunkhwa province.
According to the POL Group, a multinational oil and gas company headquartered in Budapest, Hungary, the drilling of the Razgir well in Khyber Pakhtunkhwa, Pakistan began on January 9, 2024 and has reached a depth of 3,950 meters.
POL has stated that based on the drill stem test, the well has the potential to yield 20 million cubic feet of gas and 250 barrels of oil per day. The wellhead pressure is 2,348 PSI.
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The company has said that testing operations are ongoing to accurately assess the well’s true capacity, as the actual production may differ from the test results.
The stake ownership in this field is as follows: Oil and Gas Development Company (27.8%), Pakistan Petroleum Limited (27.8%), and Pakistan Oilfields (21.1%). As a result, the respective share values of these companies are expected to increase annually by Rs 3.13, Rs 0.43, and Rs 0.27.
POL is primarily engaged in oil exploration, drilling, and production, but it is also involved in the marketing of liquefied petroleum gas (LPG).
This new well, located in the Ikhlas block of Attock, is producing 714 barrels of crude oil per day, as well as 10 million cubic feet of natural gas per day.
