KARACHI: Pakistan Petroleum Limited hopes to hit hydrocarbon reserves soon at an Iraqi well where it began drilling in April this year, the company’s executive officer said on Monday, saying it hoped to share good news soon with shareholders about PPL’s first overseas exploration well.
“The current depth of the well is 4,232 meters and the final depth is 5,000 meters,” PPL managing director and CEO Moin Raza Khan said about Iraq’s Madian-1 operated Block 8 where the company is drilling for reserves. “The drilling process will come to an end within the next three months. We are going to catch the reserves pretty soon.”
In 2012, PPL initiated a contract with Iraq’s government to explore hydrocarbon reserves as an operator in an area spanning 6,000 square kilometers in Iraq’s Diyala and Wasit governorates.
“The cost of digging the overseas exploration well in Iraq is $27 million, an amount that has already been allocated,” Khan said. “Our budget is around Rs40-45 billion for exploration and other activities.”
Khan said PPL was expanding its mining operations in Pakistan as part of its diversification strategy. “For this purpose, the company is finalizing the feasibility study of barytes, lead and zinc project to further strengthen its mining portfolio,” he added.
The CEO said he had held a meeting with Saudi investors recently in which mining projects were discussed. He said PPL was also exploring options for initiating joint ventures with Chinese companies as part of the China-Pakistan Economic Corridor (CPEC).
“Ten days ago, we identified a number of blocks that fell on the CPEC route while talking to Chinese representatives about them,” Khan said “Such ventures will add value to the company in terms of technology transfer.”
PPL achieved its highest profit of Rs61.6 billion along with a record number of 11 discoveries during 2018-19 in different areas of Pakistan. The company announced a cash dividend of 20 percent on ordinary and convertible preference shares as well as 20 percent bonus shares to ordinary shareholders and 10 percent to convertible preference shareholders. The rupee devaluation has also helped the company increase its revenue.
PPL has also partnered with three other explorers, including ExxonMobil, for much publicized offshore drilling in the Arabian Sea at Kekra-1, which eventually failed to yield any oil and gas reserves.
“PPL drilled 30 exploratory and development wells, including in Kekra-1, in partner-operated offshore Indus G block which encountered excellent quality reservoir but was aborted due to difficulty in locating hydrocarbons,” Khan told shareholders on Monday.
Pakistan Petroleum hopes to ‘soon’ hit hydrocarbon reserves in Iraq project
Pakistan Petroleum hopes to ‘soon’ hit hydrocarbon reserves in Iraq project
- Company recently met with Saudi investors to discuss mining projects, CEO says
- Exploring options for joint initiatives with Chinese companies as part of CPEC
Pakistan military says 12 militants killed after coordinated attacks in Balochistan
- ISPR says militants targeted a police station and two banks, taking away $12,000
- Balochistan CM says one civilian was injured, warns militants of tougher response
ISLAMABAD: Pakistan’s military said on Friday security forces killed 12 militants during a clearance operation in the southwestern Balochistan district of Kharan after coordinated attacks on a police station and two banks a day earlier.
In a statement, the military’s media wing said 15 to 20 militants carried out multiple attacks in Kharan city on Thursday, targeting the City Police Station as well as branches of the National Bank of Pakistan and Habib Bank Limited, looting Rs3.4 million ($12,000).
“Security Forces effectively responded and engaged the terrorists, prompting them to retreat,” the Inter-Services Public Relations (ISPR) said. “During the ensuing clearance operation, twelve terrorists were sent to hell in three different engagements.”
The ISPR said the militants had attempted to create a hostage situation at the police station, which was thwarted, adding that “sanitization operations” were continuing in surrounding areas.
Earlier, Chief Minister Balochistan Sarfaraz Bugti said the attackers entered the area for a brief period of five to ten minutes and fled after the attacks, adding that one civilian, identified as Abdul Hakeem, was shot in the neck and evacuated to a military hospital for treatment.
“They came for five to ten minutes, tried to break into banks and ATMs and took around Rs3.4 million from the National Bank,” Bugti told a news conference, warning that future attacks would be met with force.
The military described the militants as members of “Fitna Al Hindustan,” a term Pakistan uses for Baloch separatist groups it accuses of operating with Indian backing, an allegation New Delhi denies.
Balochistan, Pakistan’s largest but least populated province, has long been plagued by separatist violence, with attacks frequently targeting security forces, infrastructure and civilians.
