Pakistan Petroleum Commences Oil and Gas Production in Potohar Region
Pakistan Petroleum Limited (PSX: PPL) has officially announced the commencement of oil and gas production at the Adhi South-9 well in the Potohar region, as reported to the main stock exchange on Monday.
The company stated, “As part of our continuous efforts to increase oil and gas production, we have begun operations at Adhi South-9, a new development well drilled in the Adhi Mining Lease, which is operated by us with a 39% working interest alongside our Joint Venture partners.”
PPL’s Joint Venture partners include Oil & Gas Development Company Limited (OGDC) and Pakistan Oilfields Limited (POL), holding working interests of 50% and 11%, respectively.
The Adhi South-9 well was successfully drilled to a depth of 3,430 meters and has been completed as a producer, showing promising log results. Following the tie-in of the well with the production plant, it has commenced operations at a rate of 530 Barrels per Day (bpd) of oil and 0.6 Million Standard Cubic Feet per Day (MMSCFD) of gas.
On the stock market, PPL’s shares closed at Rs. 130.47, reflecting a decline of 0.96 percent or Rs. 1.27, with over 3.4 million shares traded on Monday.
