Pakistan discovers new oil and gas reserve in Sindh
Pakistan's state-owned Oil & Gas Development Company (OGDCL) exploration firm has discovered a new oil and gas reserve in the Sindh province. Experts reportedly said that the latest discovery shows that Pakistani soil still houses some untapped energy.(Reuters/Representative Image)
The exploration firm made the discovery earlier this month at Kharo at its Faakir-1 wildcat well, said Field Operations officer Saleem Khan on Saturday.
'The discovery was made after drilling to a depth of 4,185 metres, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation,' Khan added.
According to experts, the latest discovery shows that Pakistani soil still houses some untapped energy, news agency PTI reported. ALSO READ | 5 facts on Strait of Hormuz, the focal point of global oil trade
'It's not a gusher by global standards, but it's a critical domestic win. It is a significant breakthrough and a step forward in tapping and finding new reservoir blocks," Khan said.
Since last year, the ODCL has made at least two major discoveries; One in Khyber Pakhtunkhwa province's Lakki Marwat, wherein gas and condensate reserves were found with an initial production of 2.114 million cubic feet of gas and 74 barrels of crude oil per day.
Another discovery was when the firm found substantial oil and gas reserves in Attock, Punjab. ALSO READ | Massive oil discovery in Pakistan spurs hope of economic revival: Report
The official reportedly said that with Pakistan's growing energy needs, the ODCL has been collaborating with private firms to conduct more such explorations across the country.
Last year in September, it was reported that Pakistan had found large deposits of natural gas and oil in its territorial waters after a three-year survey.
A senior security official at the time had said that these reserves hold the potential to significantly boost Pakistan's economy and would be key in forming a 'blue water economy'.
At present, Venezuela has the largest proven oil reserves in the world, holding more than 300 billion barrels, followed by Saudi Arabia, which has over 295 billion barrels in oil reserves.
(With inputs from PTI)
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