Mari Petroleum Company Limited (MPCL) discovered a huge gas reservoir of one trillion cubic feet at its Bannu West-1 well in the Bannu West Block located in North Waziristan.
“This is good news, after a long time, for an energy-starved country as it is estimated that this reservoir will produce approximately 15 percent of the total gas production of the country,” according to a source privy to the development.
He said that the price of this indigenous gas will be nearly $4 per million British Thermal Unit (MMBTU) though the country is already tolerating the burden of $25 per MMBTU of Liquefied Natural Gas (LNG).
As per the Mari Petroleum, 25 million cubic feet of gas production has been initiated from the ST-1 exploration well drilled in the Bannu west block, sited in North Waziristan, Khyber Pakhtunkhwa.
Meanwhile, Managing Director MPCL Faheem Haider said that the management is very excited about this innovation which could go a long way to fulfill the country’s energy demands from indigenous resources, consequently, saving the foreign exchange on account of import substitution. He added that we are devoted to devising a fast-track appraisal and development program to fully use the hydrocarbon resources and to find additional hydrocarbon potential in the block.
MPCL is the Operator of the Bannu west block with 55% working interest along with the joint partners; OGDCL 35% and ZPCL 10% working interest.
MPCL believes that this discovery is the outcome of an aggressive exploration strategy implemented by the company and supported by the Joint Venture partners. Further, evaluation though is required to confirm the extent and production potential of the discovery. After its development, it will help to alleviate gas demand and supply gap from indigenous assets and will add to the hydrocarbon resource base.
A few months back, another Drill Stem Test in Hangu Formation also tested gas at a rate of about 1.6 MMSCFD with WHFP of 297 Psi at 32/64 inch choke size.