PPL announces sixth discovery

PPL announces sixth discovery By Our Correspondent Published: December 27, 2014 LINE it! Share this article Print this page Email . Exploration well Faiz X-1 was drilled on October 17 and reached its final depth of 3,564 metres on December 1. STOCK IMAGE KARACHI: Pakistan Petroleum Limited (PPL), the operator of Gambat South Block with a 65% working interest, has announced another gas and condensate discovery at exploration well Faiz X-1 Sanghar district, Sindh. This is the sixth discovery in the block, where PPL is working with joint-venture partners Government Holdings (Private) Limited and Asia Resources Oil Limited with 25% and 10% working interest, respectively. Exploration well Faiz X-1 was drilled on October 17 and reached its final depth of 3,564 metres on December 1. Earlier this month, PPL also announced its fifth find in the block after Wafiq, Shahdad, Sharf and Kinza gas and condensate discoveries. In August, the company discovered 42 million cubic feet of gas per day (mmcfd) in Gambat South, its third and biggest discovery in the block. At the time, the company said it was expecting production to go up to 60 mmcfd. It made the first two discoveries in Gambat last year. PPL, which has a portfolio of 47 exploration blocks, has been aggressively searching for new hydrocarbon reserves since last year to make up for the decrease in production from its established fields like Sui. Published in The Express Tribune, December 27th, 2014. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.