Pakistan has made a significant breakthrough in its energy sector with the discovery of a second major oil and gas reserve in the Waziristan Block, according to an official statement.
Mari Petroleum Company Limited (MPCL) informed the Pakistan Stock Exchange (PSX) in a letter that new hydrocarbon reserves have been found in the Spin Wam-1 well, located in Khyber Pakhtunkhwa.
The letter stated that the well is producing light crude oil and natural gas with a flow pressure of 3,431 pounds per square inch (psi). The daily output from the well is estimated at 20.485 million standard cubic feet of gas per day (MMSCFD) and 117 barrels of light crude oil.
According to the statement, Mari Petroleum holds a 55% stake in the Waziristan Block, while Oil & Gas Development Company Limited (OGDCL) has a 35% share, and Orient Petroleum owns 10%.
Energy experts believe that the Waziristan Belt has strong potential for further oil and gas discoveries, which could contribute to the country’s energy security and reduce dependence on imports.
