KARACHI: Pakistan Petroleum Limited (PPL) has become the first Pakistani oil and gas firm to go global, the minister for petroleum said, as it started drilling an exploration well in Iraq where gas deposits of 200-300 million cubic feet per day (mmcfd) are expected to be found.
State-owned PPL said in a notification sent to the Pakistan Stock Exchange on Tuesday that it had drilled an exploration well-named Madain-1 on Block 8 in Iraq on April 14, 2019. The block is located in the Mesopotamian basin and “surrounded by areas that have several large oil and gas fields,” the notification added.
“PPL’s foray into the international competitive energy markets and its success is heartening and a resounding success for this division, the company and indeed the entire nation,” Minister for Petroleum Ghulam Sarwar Khan said in a statement on Wednesday.
In its statement to the stock exchange, PPL said the well was being drilled on an integrated project management basis by a Chinese drilling contractor, ZEPEC, and marked a significant milestone in the company’s history as its first international exploration.
“The Madain-1 prospect matured with the help of a 3D seismic survey carried out by the company over a 300-square-kilometer area of the block that spanned around 6,000 square kilometers,” the notification said. “There are multiple reservoir targets in Madain-1 that will be drilled to a depth of approximately 5,000 meters.”
The PPL and its subsidiaries hold a portfolio of 43 exploration blocks of which PPL operates 26, including one block in Iraq.
The project is wholly owned by the government of Iraq while PPL will draw remuneration from revenues as per the agreement signed with the government.
“There is no estimation when it [project] would come online but it seems that it would take 5 to 6 months to materialize,” said Samiullah Tariq, Head of Research at Arif Habib Limited.
Lucky Cement, another privately owned Pakistani company, already has a footprint in Iraq with a cement grinding unit in Basra and a greenfield clinker manufacturing facility in Samawah, expected to achieve commercial production in the last quarter of financial year 2019-20.
Pakistan Petroleum goes global with first exportation well in Middle East
Pakistan Petroleum goes global with first exportation well in Middle East
- PPL is the first Pakistani oil and gas firm to drill abroad, spuds gas exploration well in Iraq on April 14, 2019
- Pakistan Petroleum and subsidiaries hold 43 exploration blocks of which PPL operates 26, including one in Iraq
Afghanistan fires at Pakistani jets over Kabul as conflict intensifies
- Violence follows air strikes inside Afghanistan this week Pakistan says targeted militant infrastructure
- Pakistan says operation against Afghan forces ongoing, security forces destroyed Afghan posts, camps
KABUL: Afghanistan said it was firing at Pakistani jets in Kabul after blasts and gunfire rocked the capital on Sunday, compounding instability in a region rattled by US–Israeli strikes on Iran and retaliatory attacks on US targets in Gulf states.
The Taliban-ruled state has suffered Pakistani strikes against government installations over the past week following accusations, which it denies, that it harbors militants.
The heaviest fighting in years between the neighbors has raised fears of a protracted conflict along their 2,600-km (1,615-mile) border, with several countries including Qatar and Saudi Arabia calling for restraint and offering to help mediate a ceasefire.
Explosions echoed across parts of Kabul before sunrise, followed by bursts of gunfire, a Reuters witness said. It was not clear what had been targeted or whether there were casualties.
Taliban administration spokesperson Zabihullah Mujahid said the sounds were the result of Afghan forces targeting Pakistani aircraft over the capital.
“Air defense attacks were carried out in Kabul against Pakistani aircraft. Kabul residents should not be concerned,” Mujahid said.
Pakistan’s prime minister’s office, information ministry and military did not respond to requests for comment.
The violence follows air strikes inside Afghanistan this week that Pakistan said targeted militant infrastructure. Afghanistan described the strikes as a violation of sovereignty and announced retaliatory operations along their shared border.
Iran, which shares borders with both Afghanistan and Pakistan, had offered to help facilitate dialogue before itself coming under attack on Saturday from Israel and the US bent on diminishing Iran’s military capability.
ACCUSATION AND ESCALATION
Pakistan has said Afghanistan harbors Tehreek-e-Taliban Pakistan (TTP) militants, which it said are waging an insurgency inside Pakistan.
Afghanistan has denied the accusation, saying it does not allow Afghan territory to be used against other countries and that Pakistan’s security challenges are an internal matter.
Pakistani security sources have said operation “Ghazab Lil Haq,” meaning “Wrath for the Truth,” was ongoing and that Pakistani forces had destroyed Afghan posts and camps.
Both sides have reported heavy losses, issuing differing casualty figures for each other.
Reuters could not independently verify the claims.
Diplomatic efforts have intensified, with Saudi Arabia, Russia, China, the European Union and United Nations urging restraint and calling for talks.
The US said it supports Pakistan’s right to defend itself.
Pakistan Defense Minister Khawaja Muhammad Asif described the fighting as “open war.”
Afghanistan Interior Minister Sirajuddin Haqqani said the conflict would be “very costly.” He said only front-line forces were engaged in fighting that the country has yet to fully deploy its military.
