Peshawar, 15th July: Pakistan has found new reserves of oil and gas in the well Mamikhel South-01, located in Tal block in Khyber Pakhtunkhwa (KPK). According to reports, after the discovery of oil and gas, it is expected that the country’s reliance on energy imports will slightly slash and it may help in cutting the import bill. “Well test has shown 3,240 barrels of condensate per day, 16.12 mmscf (million standard cubic feet) of gas per day, and 48 barrels of water per day,” Pakistan Oilfields Limited (POL) said in a notification to the Pakistan Stock Exchange (PSX) on Tuesday. KPK CM Inaugurates Jalozai Economic Zone “Actual production may differ significantly from the test results,” it said. POL holds a pre-commerciality working interest of 25%, it said. MOL Pakistan, a fully owned subsidiary of Hungarian multinational oil and gas exploration firm MOL Group, is the operator of Tal block with an 8.4% stake. As per reports from the Express Tribune, in the block, POL holds a 21% stake, Pakistan Petroleum Limited (PPL) 28%, and Oil and Gas Development Company (OGDC) 28%, according to Sherman Securities. The announcement sparked extensive buying in relevant stocks at the PSX. Oil and Gas Regulatory … Continue reading New oil and gas reserves found in KPK