Pakistan has been discovering gas reservoirs in recent years, which can help in being self-sufficient and reducing the price of gas. The Mari Mari Petroleum Company Limited has discovered one trillion cubic feet of gas reservoirs. This will help in saving $1.5 billion yearly for the national treasury.
Being self-sufficient in oil and gas is very crucial these days. Helping save the cost to the national treasury is another added benefit that is always needed now because of economic crises and in times of inflation.
The sources shared, “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,” said a source privy to the development.” The price of the British Thermal Unit is $4 whereas for LNG it is $25 for the government, which is way out of hand. Exploration at the ST-1 well in Bannu West Block (North Waziristan) has started with a production of 25 million cubic feet. Other wells will produce 200 million cubic feet per day. Crude oil production has also started.
The drilling has been started in June 2021 to the depth of 4,915 m which was successful. MPCL has the highest shares of 55% alongside OGDCL and ZPCL. This discovery can lessen the gap between supply and demand that the local resources can cover.
Managing Director of MPCL expressed his views on the discovery, “this discovery which could go a long way in meeting the country’s energy needs from indigenous resources resulting in a saving of foreign exchange on account of import substitution. We are committed to implementing a fast-track appraisal and development program to fully exploit the hydrocarbon resources and discover additional hydrocarbon potential on the block.”