Significant hydrocarbon discovered in Karak
KARACHI: A significant new hydrocarbon discovery has been announced in the country, following the successful testing of the Makori Deep-3 Development Well located within the TAL Joint Venture (JV) in the Karak District, Khyber Pakhtunkhwa Province. The well is operated by MOL Pakistan.
Drilling operations for the Makori Deep-3 Well began on December 12, 2024, and reached a final depth of 3,887 meters. Upon completion, the well demonstrated substantial flow rates from the Lockhart Formation, yielding 22.08 million standard cubic feet of gas per day (MMSCFD) and 2,112 barrels per day of condensate.
The well also produced 15 barrels per day of formation water, tested on a fixed choke at a flowing wellhead pressure of 4,744 psi.
Both major Pakistani oil and gas entities, Oil and Gas Development Company Limited (OGDCL) and Pakistan Oilfields Limited (POL), have confirmed their respective working interests in the discovery.
OGDCL holds a 27.763 percent working interest in the development phase of this Block. On the other hand, Pakistan Oilfields Limited (POL) holds a 25 percent pre-commerciality working interest in the TAL Block.
This successful testing of Makori Deep-3 is anticipated to significantly bolster Pakistan's energy reserves and contribute to the nation's energy security. Pakistan Oilfields Limited expects the well to be connected to the production line within two months.
The information was submitted in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, for dissemination among their members. Both companies officially communicated the discovery to the Pakistan Stock Exchange Limited, with copies also sent to the Securities & Exchange Commission of Pakistan.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
10 hours ago
- Business Recorder
No price tag yet: govt denies $100mn valuation for Roosevelt Hotel
The Privatisation Commission of Pakistan on Saturday clarified that no base price has yet been determined for the proposed sale of the iconic Roosevelt Hotel in New York, refuting recent media reports claiming a $100 million valuation. 'The Privatisation Commission has noticed a misleading news report appearing on 27th June 2025 in certain news media outlets asserting that Pakistan has set $100 million as base price for the sale of Roosevelt Hotel. 'It is clarified that no base price has yet been determined for Roosevelt Hotel, New York's privatisation, which can only be set at the time of bidding,' read the statement. The commission highlighted that the report misquotes Adviser to the Prime Minister on Privatisation, Muhammad Ali, who had referred to an estimated initial partial payment to be made by the successful party on signing the agreement, expected during the current fiscal year. 'The base price and timing for realisation of total proceeds from the privatisation of Roosevelt Hotel will be based on transaction structure and final terms of the agreement approved by the government,' it said, with the finalisation of the transaction structure expected to be taken up in the next CCOP meeting. Last month, Defence Minister Khawaja Asif told the National Assembly that the government is exploring a joint venture to operate the Roosevelt Hotel, aiming for long-term economic benefits rather than selling the asset outright. Describing the nearly century-old 19-story hotel as 'a strategic gem,' Asif praised its prime Manhattan location and stressed the government's intent to retain ownership. 'Selling might patch a short-term fiscal wound,' he said, 'but a joint venture ensures Pakistan keeps a foot on that lucrative property while raking in steady profits.' The Roosevelt Hotel has long been viewed as Pakistan's prized overseas asset, with repeated calls over the years to sell it for quick cash. The landmark hotel closed in 2020 after sustaining massive financial losses associated with the COVID-19 pandemic. It became operational in 2023 as a shelter for asylum seekers after the Pakistani government inked a three-year $220 million lease agreement with the New York City government to operate the Roosevelt Hotel. In February 2024, the government signed a Financial Advisory Services Agreement (FASA) with a consortium led by Jones Lang La Salle Americas Inc (JLL) for the joint venture development of the Roosevelt Hotel. In November 2024, it was learnt that Qatar had explored partnering with Pakistan in managing the Roosevelt Hotel. The hotel, which opened in 1924, was named after President Theodore Roosevelt. It is located next to the Grand Central Terminal, the city's central train terminal.
Express Tribune
12 hours ago
- Express Tribune
Pakistan, Saudi Arabia to enhance tech collaboration
Minister of State for IT and Telecommunication, Shaza Fatima Khawaja: PHOTO: APP Federal Minister for IT and Telecommunication Shaza Fatima Khawaja held a high-level meeting with Saudi Minister for Communications and Information Technology Engineer Abdullah Al-Swaha to enhance collaboration in emerging technologies, artificial intelligence (AI) and digital infrastructure. The two sides discussed the establishment of the Pakistan Digital Corridor to China and Central Asia to strengthen global connectivity. They emphasised the need for cooperation in AI and computing technologies, reaffirming their commitment to strategic partnerships. Shaza Fatima highlighted a Rs4.8 billion project approved under the Public Sector Development Programme (PSDP) to train over 7,000 Pakistani youth in semiconductor technologies. She reiterated Pakistan's support for Saudi Arabia's National Semiconductor Hub, expressing confidence in the kingdom's leadership in the tech domain. Discussions also covered collaboration under Saudi Arabia's National Technology Development Programme and ways to foster partnerships between Pakistani and Saudi companies. Shaza Fatima outlined Pakistan's cybersecurity successes and the strong role played by its armed forces in recent geopolitical developments. She reaffirmed that Pakistan remains a committed partner in Saudi Arabia's growth and success.
Business Recorder
15 hours ago
- Business Recorder
PTI says budget will enrich elite at the cost of masses in Pakistan
ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) on Friday launched a scathing attack on the recently passed Federal Budget for 2025-26, denouncing it as a 'banker's blueprint' crafted to enrich the elite at the expense of the masses. Speaking at a presser, the opposition leader in National Assembly Omar Ayub, flanked by Asad Qaiser, Gohar Ali Khan, and other senior party leaders, condemned the budget as a 'giveaway written by a banker, for his banker buddies'. 'This is not a people's budget; it's a banker's business plan,' Ayub said. 'The hybrid regime plans to borrow another Rs6,300 billion from local banks, allowing four or five bank owners to graduate from billionaires to trillionaires. Meanwhile, the nation sinks deeper into debt.' Ayub accused the government of both fiscal cruelty and political repression, warning that the prices of essential commodities such as flour, sugar, and lentils would soar under the new fiscal measures. 'They couldn't even face the opposition in Parliament. Both the finance minister and the prime minister evaded accountability.' Moreover, Ayub claimed that former MNA Ijaz Chaudhry was abducted in the dead of night, while former Prime Minister Imran Khan and his wife Bushra Bibi remain in jail as hostages of political vendetta. He said several senior PTI leaders including Shah Mehmood Qureshi, Omar Cheema, Hassaan Niazi, and Yasmin Rashid and others were imprisoned without bail. However, Asad Qaiser accused the government of reducing Parliament to a rubber stamp. MNA Sanaullah Mastikhel criticising the powerful energy lobbies, alleged that Independent Power Producers (IPPs) were 'untouchable profiteers' who have plundered the nation for decades under successive governments. 'These IPPs have become a cartel, bleeding the country dry through inflated capacity payments and ironclad contracts. They get paid whether they produce electricity or not while the average Pakistani is left in the dark, both literally and financially.' Masti accused the government of shielding these corporate giants while the public suffers from rolling blackouts and sky-high electricity bills. 'Every time the people tighten their belts, these energy barons loosen theirs. And now, with this budget, the same crooks are getting even more incentives. It is daylight robbery, institutionalised.' He demanded an open audit of all IPP contracts and called for a complete overhaul of the power sector. Copyright Business Recorder, 2025
