ISLAMABAD: In a fruitful development, Pakistan Petroleum Limited has initiated the production of oil and gas from Pothohar region of northern Punjab.
According to the details, Pakistan Petroleum Limited has started extracting gas from Potohar region, which will yield 550 barrels of oil per day and 0.8 Million standard cubic feet per day (mmscfd) of gas will be pumped into the system from the well.
The PPL spokesperson in a statement asserted that Adhi South-8 has 49 percent shares, OGDCL has 50 percent shares and Pakistan Oilfield Limited has 11 percent shares.
The announcement further added that a depth of 3,460 meters has been dug in the Adhi South-8 well, after the supply starts, there will be a reduction in energy import and saving of foreign exchange.
Pakistan Petroleum Ltd (PPL) has signed a Joint Venture Agreement (JVA) with Degan Exploration Works (DEW), a wholly owned subsidiary of Frontier Works Organisation (FWO), to explore and devel-op mineral resources in the EL-207 Block located in District Chagai, Balochistan.
This initiative is a key component of PPL’s strategy to diversify into the mining sector and strengthen its presence in Balochistan, says a press release.
The agreement was signed by GME&CBD PPL, Arshad Pakekar and Qaiser Rafique, representative of DEW, and witnessed by MD and CEO PPL, Imran Abbasy, and DG FWO Major General Abdul Sami on May 24 in Islamabad.
Previously, PPL had entered a Memorandum of Understanding (MoU) with FWO to foster strategic cooperation on the EL-207 Project. The block is believed to have significant potential for porphyry-type deposits, including copper and gold. This agreement lays the foundation for a long-term partnership, offering strategic advantages within the mineral-rich Chagai metallogenic belt and is poised to trans-form the mining landscape in Balochistan. –Agencies
