Mari Petroleum announces new gas discovery, joins ‘billion-dollar club’ at Pakistan stock market

This undated file photo, available on the Mari Petroleum Company Limited's official website, shows Zarghun South Gas Field in Balochistan, Pakistan. (Photo courtesy: Mari Petroleum Company Limited)
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Updated 11 December 2023
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Mari Petroleum announces new gas discovery, joins ‘billion-dollar club’ at Pakistan stock market

  • Pakistan’s leftover oil and gas reserves will be fully consumed in the next 15 years
  • Pakistan currently relies on imports to meet its growing demand, faces regular outages

KARACHI: Pakistan’s Mari Petroleum Company on Monday announced it had discovered around 17 million standard cubic feet per day (mmscfd) of gas from a well in the southern Sindh province, as the exploration giant joins the “billion-dollar club” of companies at the Pakistan Stock Exchange (PSX).

According to data from the Pakistan Petroleum Information Services, Pakistan’s leftover oil and gas reserves will be fully consumed in the next 15 years. Currently, the South Asian nation of 240 million people relies on imports to meet its growing demand and faces regular scheduled gas outages, also known as load shedding.

In a stock filing on Monday, Mari said drilling of a third horizontal well had been carried out in the Habib Rahi Limestone (HRL) Reservoir of the Mari Gas Field in Daharki in Sindh province. The well is part of the Mari Field Revitalization Project “aimed at better managing the delivery pressure, sustaining the gas production, and optimal reserves recovery, all leading to the arrest of the depletion in production.”

“The well was drilled to a total measured depth of 1,740 meters with a horizontal section length of around 750 meters,” the stock filing said.

“After completion, the well was tested at a rate of around 17 million standard cubic feet per day of gas at a flowing wellhead pressure of 470 pounds per square inch gauge (psig).”

The well will be put on regular production immediately after releasing the drilling rig, Mari said, adding that it was evaluating opportunities to drill additional horizontal wells.

In October this year, Mari announced a discovery of around 8 mmscfd gas from another well in Daharki, which is being supplied to the Sui Norther Gas Pipelines Limited (SNGPL). 

The company said the new supply of gas would contribute in reducing the energy demand-supply gap in the country this winter season, and help save foreign exchange through indigenous hydrocarbon production. 

The field supplies gas to various sectors, including power, fertilizer, industry, and domestic consumers.

With the latest discoveries of gas, Pakistan’s self-sufficiency in gas increased from 71.3 percent to 76.26 percent during the November 24-30 period. The average per day consumption of Pakistan remains 4,100 mmscfd while production has increased from 2,923 mmcfd to 31,27 mmcfd, according to the data released by Petroleum Club of Pakistan on Monday.

In a separate development, Mari has joined the “billion-dollar club” at the Pakistan Stock Exchange (PSX) by achieving market capitalization of $1 billion. 

There are now seven listed companies in Pakistan with a market value of over a billion dollars, namely the Oil and Gas Development Company Limited, Colgate, Nestle, Meezan, Pakistan Petroleum Limited, Pak Tobacco, and Mari Petroleum, according to Topline Securities research.

There were only two listed companies, OGDCL and Nestle, in Pakistan five months ago.

The market cap of the listed companies has increased amid a historical growth and bullish trend prevailing at the Pakistan Stock Exchange, with the benchmark KSE100 index closing at 66,012 points on Monday.

Shares prices of Mari increased by 4.9 percent to Rs2,168.82 on the back of gas discovery announcements on Monday.


Pakistan rebuts Indian claim of seizing narcotics from boat with suspected Pakistani links

Updated 10 sec ago
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Pakistan rebuts Indian claim of seizing narcotics from boat with suspected Pakistani links

  • Indian authorities this week claimed to seize a vessel off Gujarat carrying more than 3,000 kilograms of narcotics
  • Pakistan says the boat was operating in international waters near Omani coast, Indian Navy ship towed it till Gujarat

ISLAMABAD: Pakistan on Friday rebutted India’s claim of seizing a huge consignment of narcotics from a fishing vessel “off the coast of Gujarat” with suspected Pakistani links.

Indian authorities this week claimed to seize the vessel carrying more than 3,000 kilograms of narcotics and arrest five crew members who allegedly had links with Pakistan, according to a report published by the Times of Indian newspaper.

Describing the development as a “grand success,” Indian Home Minister Amit Shah said the operation making “the biggest offshore seizure of drugs” was a testament to Prime Minister Narendra Modi government’s commitment to making the nation drug-free.

The Pakistan Navy denied the Indian claim, saying the boat had been operating in international waters near the Omani coast and was towed by an Indian Navy ship till the Gujarat coast.

“It is clarified that information about the boat was provided to both Indian Navy and Pakistan Navy. The boat was actually operating in international waters near Omani coast and was heading south. Indian captured the boat and towed it from the western area of North Arabian Sea till coast of Gujarat,” Pakistan Navy said in a statement.

“Later on, information [was] released to media that boat was intercepted off Gujarati coast.”

Pakistan Navy said it had investigated the matter and the “orchestrated event speaks of malintent against Pakistan.”

Pakistan Navy and the Pakistan Maritime Security Agency (PMSA) are fully capable of effectively preventing all sorts of illicit activities in Pakistani waters, it added.


Japan Moon lander put to sleep after surviving lunar night

Updated 02 March 2024
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Japan Moon lander put to sleep after surviving lunar night

  • The unmanned lander touched down in January at a wonky angle that left its solar panels facing the wrong way
  • As the sun’s angle shifted, it came back to life and carried out observations of a crater with a high-spec camera

TOKYO: Japan’s Moon lander has been put back to sleep after it surprisingly survived the freezing, two-week lunar night, the country’s space agency said, with another operation attempt scheduled for later this month.

The unmanned Smart Lander for Investigating Moon (SLIM) touched down in January at a wonky angle that left its solar panels facing the wrong way.

As the sun’s angle shifted, it came back to life for two days and carried out scientific observations of a crater with a high-spec camera.

This week, the SLIM probe, which was “not designed for the harsh lunar nights,” when the temperature plunges to minus 133 degrees, produced another surprise by waking up after two weeks.

“SLIM has gone to sleep again as the sun set after 3 am (Japan Time) on March 1,” the Japan Aerospace Exploration Agency (JAXA) said on X, formerly Twitter, on Friday, alongside an image of the rocky lunar surface captured by the probe.

“Although the likelihood of failure will increase due to the severe temperature cycles, we will attempt SLIM operation again when the sunlight comes back in late March,” JAXA said.

The announcement comes after the uncrewed American lander Odysseus became the first private spaceship on the Moon.

The lander sent its final image on Thursday before its power banks depleted.

SLIM, dubbed the “Moon Sniper” for its precision landing technology, touched down within its target landing zone on January 20.

The feat was a win for Japan’s space program after a string of recent failures, making the nation only the fifth to achieve a “soft landing” on the Moon, after the United States, the Soviet Union, China and India.

The aim of the mission is to examine a part of the Moon’s mantle — the usually deep inner layer beneath its crust — that is believed to be accessible.

NASA is planning to return astronauts to the Moon later this decade.

The US, along with international partners, wants to eventually develop long-term habitats in the region, harvesting polar ice for drinking water — and for rocket fuel for eventual onward voyages to Mars.


Pakistan welcomes resumption of CASA-1000 power line in Afghanistan by World Bank

Updated 02 March 2024
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Pakistan welcomes resumption of CASA-1000 power line in Afghanistan by World Bank

  • The project aims to allow Tajikistan and Kyrgyzstan to sell excess energy to Pakistan and Afghanistan in summer months
  • Last month, the World Bank approved resumption of the project after it was stalled in 2022 due to turmoil in Afghanistan

ISLAMABAD: Pakistan on Friday welcomed resumption of activities in Afghanistan relating to a $1.2 billion Western-backed project to build a power line between Central Asia and South Asia, more than a year after it was stalled over turmoil in the neighboring country.

The CASA-1000 project aims to allow Tajikistan and Kyrgyzstan, former Soviet republics with an extensive network of hydroelectric power plants, to sell excess energy to Pakistan and Afghanistan in the summer months.

Last month, the World Bank, a key CASA-1000 backer, approved resumption of the clean energy project after it was stalled in 2022 due to turmoil in Afghanistan, with the Bank focusing on urgently needed education, agriculture and health programs.

It said construction of the project in the other three countries was nearly complete and these countries had requested that CASA-1000 activities in Afghanistan resume to avoid the risk of the project becoming a stranded asset.

“The Government of the Islamic Republic of Pakistan welcomes the recent announcement by the World Bank that, among other initiatives in support of the people of Afghanistan,” the Pakistani energy ministry said in a statement.

“The Central Asia-South Asia Electricity Transmission and Trade Project (CASA-1000) in Afghanistan will be resumed as had been requested in December by all three neighboring countries participating in the project.”

The World Bank’s announcement of the project’s resumption was a “significant step forward” in the region’s commitment to energy collaboration, according to the statement.

The Pakistani energy ministry said Islamabad had signed a joint declaration along with Kyrgyzstan and Tajikistan to thank the World Bank for its timely approval of the “ring-fenced” resumption of CASA-1000 construction in Afghanistan as well as to fully support the Bank in implementation of the parameters agreed with its board for the resumption of CASA-1000 construction activities in Afghanistan.

The project could be a boon for the two Central Asian nations which have excess power in the summer but suffer from shortages in the winter unless they can buy fuel or power from neighbors.

The United States was involved in financing the project when it was launched in 2016 as part of its New Silk Road initiative to integrate Afghanistan with Central Asia.

Other project sponsors have included the Islamic Development Bank, the UK Department for International Development, and the European Bank for Reconstruction and Development.


Saudi Arabia gifts Pakistan 100 tons of dates ahead of Ramadan

Updated 53 min 14 sec ago
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Saudi Arabia gifts Pakistan 100 tons of dates ahead of Ramadan

  • Fasting during Ramadan is one of five pillars of Islam, wherein Muslims abstain from food and drink from sunrise till sunset
  • Pakistan and Saudi Arabia have strong brotherly relations and the Kingdom is home to over 2.7 million Pakistani expatriates

ISLAMABAD: Saudi Arabia has gifted Pakistan 100 tons of dates ahead of the holy month of Ramadan, the Saudi embassy said on Friday.

Fasting during Ramadan is one of the five pillars of Islam, wherein Muslims abstain from food and drink from sunrise till sunset for a month. The Islamic lunar month will begin in March.

This is followed by the sighting of the new moon and is marked by Eid Al-Fitr, a religious holiday and celebration that is observed by Muslims across the world.

“In a gesture of goodwill, the government of the Kingdom of Saudi Arabia is delighted to offer 100 tons of dates to its esteemed brethren in the Islamic Republic of Pakistan, following the recommendation of the esteemed leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud,” the Saudi embassy said in a statement.

The consignment was handed over by Saudi Arabia’s Ambassador Nawaf bin Said Al-Maliki along with Abdullah Al-Baqami, director of the King Salman Humanitarian Aid & Relief Center (KSrelief) at a ceremony held at the Saudi embassy in Islamabad.

“This generous donation is intended for distribution among the Pakistani community during the holy month of Ramadan,” the statement read.

“This noble gesture exemplifies the enduring bond of friendship and brotherhood between the two nations, reflecting the spirit of generosity and solidarity cherished by both Saudi Arabia and Pakistan.”

Pakistan and Saudi Arabia enjoy strong trade, defense and brotherly relations. The Kingdom is home to over 2.7 million Pakistani expatriates, serving as the top destination for remittances for the cash-strapped South Asian country.


Pakistani minister wants Organization of Islamic Cooperation to negotiate ceasefire with Israeli PM

Updated 02 March 2024
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Pakistani minister wants Organization of Islamic Cooperation to negotiate ceasefire with Israeli PM

  • Aneeq Ahmed says the unity of the global Muslim community can lead to a resolution of the Palestine issue
  • Pakistan’s foreign office said on Friday Israel must be held accountable for crimes against the Palestinian people

ISLAMABAD: Caretaker Religious Affairs Minister Aneeq Ahmed described Pakistan as a “foremost supporter” of Palestine on Friday, saying that a delegation of the Organization of Islamic Cooperation (OIC) should open negotiations with Israel’s Prime Minister Benjamin Netanyahu to end the ongoing war in Gaza to reach an immediate ceasefire.
Ahmed issued the statement during a meeting with Palestinian Ambassador Ahmed Jawad Rabi’i, pointing out that Muslim countries like Saudi Arabia, Turkiye, Malaysia, Indonesia, Iran, Qatar, Egypt and Pakistan should take the lead in this regard.
Israel launched a military campaign targeting the Gaza Strip after a surprise attack was initiated by Hamas on October 7 in response to the deteriorating condition of Palestinian people living under Israeli occupation.
Since then, Israel has killed over 30,000 Palestinians, most of them women and children, prompting much of the world to point out it is carrying a genocide in Gaza.
“Aneeq Ahmed ... proposed that a delegation comprising of crucial Muslim countries, under the banner of Organization of Islamic Cooperation (OIC), should talk to Israeli Prime Minister Benjamin Netanyahu for immediate ceasefire,” the Associated Press of Pakistan (APP) news agency reported.
“Pakistan stands as the foremost supporter of the Palestinian cause and will continue to do so,” the APP quoted the minister as saying. “The unity of the Muslim Ummah can lead to a resolution of the Palestine issue.”
Earlier in the day, Pakistan’s foreign office condemned the killing of over 100 Palestinians who were trying to get food from an aid convoy in Gaza City, saying the incident had highlighted Israel’s “deliberate and inhumane policy of mass starvation.”
It also said Israel must be held accountable for its crimes against humanity which it had been perpetrating with impunity against the Palestinian people.