Significant oil discovery in Ghauri Block, Pakistan

abarrelfullabarrelfull wrote on 11 Jun 2014 06:07
Tags: asia mol pakistan upstream

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MOL Plc. is pleased to announce that Ghauri Joint Venture (GJV) has made a significant oil discovery in Ghauri X-1 well, located in district Jhelum, Punjab Province in Pakistan. GJV comprises Mari Petroleum Company with 35% working interest as operator as well as Pakistan Petroleum Limited (PPL) and MOL with 35% and 30% working interests, respectively. The Ghauri well discovery is a landmark achievement being the first hydrocarbon discovery in the Eastern part of Potwar Plateau.

The Ghauri X-1 well flowed oil with API gravity of 23 from Sakessar Formation at original average flow rate of 1,193 bbls/day, which increased to 5,500 bbls/day after acid treatment at 32/64” choke size, 1100 psi (76 bar) flowing wellhead pressure. The well’s recorded flow rate ranks it amongst the country’s top oil producing wells. Based on initial evaluation of this well test MOL believes the potential for this part of the Ghauri Block could be significant. MOL is currently evaluating the SOIIP, however it is too early to provide a forecast for the whole Block. In the vicinity of the Ghauri X-1 well we support our partner’s initial estimate of reserves in place of 22 million barrels, which is related to the proven oil producer Sakessar Formation. As we progress the development of secondary reservoir Kussak Formation, with our Partner Mari Petroleum, we will develop a better understanding of the estimate of reserves contained with the Ghauri Block. Our Partner Mari Petroleum as Operator has initiated installation of early oil production facilities on fast track basis and targets to put the well on EWT production by end of June 2014. The Ghauri JV is working to expedite exploration of the remaining hydrocarbon potentials in Ghauri Block.

Alexander Dodds, Executive Vice President for MOL Group E&P quoted the following: “MOL is extremely pleased with the news of the Ghauri X-1 discovery; our successful partnership with Mari Petroleum both in Pakistan and in the region is well known amongst the E&P community. I would like to take this opportunity to wish Lt Gen Nadeem Ahmed and his talented team further success and we also hope to expand our portfolio with Mari Petroleum in the future.

I would also like to reinforce MOL Group's intention to increase investment in Pakistan, especially in view of the investor friendly policies of His Excellency the Prime Minister Mian Nawaz Sharif and his Minister of Petroleum & Natural Resources, HE Khaqan Abbasi.”

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