In a landmark development for Pakistan's energy sector, Mari Petroleum has announced the discovery of substantial oil and gas reserves in Sindh, marking the first oil find in 47 years.
The discovery, made at the Shawal-I well, heralds a significant breakthrough for the company and the nation's quest for energy self-sufficiency.
According to reports, the newly discovered well is expected to yield 2.5 million standard cubic feet of gas per day, along with an impressive output of 1,040 barrels of crude oil per day.
Mari Petroleum, which holds full ownership of the gas well, has written a letter to the stock exchange, confirming the groundbreaking discovery and its implications for the energy landscape in Pakistan.
Meanwhile, Pakistan Petroleum Limited (PPL), a state-owned company, has informed the government and shareholders about significant advancements in the country's oil and gas sector.
Also Read: Mari Petroleum discovers major gas deposit in Sindh
PPL reported an increase of 530 barrels per day in oil production and a boost of 17 million standard cubic feet per day in gas production, attributing these gains to the adoption of modern technology in exploration and extraction processes.
On the other hand, the prices of crude oil in the global market fell by 4.2% due to fears of an interruption in the supply of crude oil in the world market due to tensions in the Middle East.
Brent crude rose 2.4% to $2.63 to settle at $89.74 a barrel, while US crude oil (WTI) rose $2.56 to $84.66 a barrel.
