MOL Group has made a hydrocarbon discovery in Pakistan, striking oil and gas in the Karak Block, the company said in a news release.
The block is operated by Mari Petroleum Co. Ltd. (MPCL) with 60% working interest. MOL Pakistan Oil & Gas Co. B.V has 40% interest in the block.
The Halini-Deep-1 well was drilled to a depth of 5,900 m. Subsequent to the drillstem test, a new, deeper reservoir (Samana Suk) was added to the already known higher reservoirs (Lumshiwal, Hangu and Lockhart), MOL said in the release.
The completion integrity test was conducted with flow rates of 1,425 bbl/d of oil and 1.18 MMscf/day gas, the release said. The operator expects first oil by end of H1.
The Halini-Deep-1 discovery is the third discovery in the block following Halini-X-1 in 2011 and Kalabagh-1A in 2015.
Recommended Reading
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
SLB Earnings Rise, But Weakened 4Q and 2025 Ahead Due to Oil Glut
2024-10-22 - SLB, like Liberty Energy, revised guidance lower for the coming months, analysts said, as oilfield service companies grapple with concerns over an oversupplied global oil market.
Chevron Targets Up to $8B in Free Cash Flow Growth Next Year, CEO Says
2025-01-08 - The No. 2 U.S. oil producer expects results to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and the offshore U.S. Gulf of Mexico.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.