KARACHI: State-owned Pakistan Petroleum Limited ( PPL ) spud the 1st exploration good in Iraq to have pioneered the presence of nearby oil and gas exploration field on the multinational power map, the business said on Tuesday.
“Pakistan Petroleum Limited, which is the owner of Block 8 in Iraq, spud the 1st exploration good, Madain-1,” PPL noted in a filing with the stock exchange. The block is placed in Mesopotamian basin and it is surrounded by spots that have a number of bigger oil and gas sectors. A Chinese drilling builder Zepec is drilling the good on an integrated mission administration basis.
PPL said the recent move marks a significant milestone in the company’s story as its 1st multinational exploration good. “Notably, the service is also the 1st Pakistani oil and gas exploration and manufacturing company to generate a footprint as an operator on the multinational oil and gas map.”
The Madain-1 prospect was matured with the help of a 3D seismic survey carried out by the supplier over a 300 sq kilometers area of the block that spans around 6,000 sq kilometers. There are several reservoir targets in Madain-1 that will be drilled through to a depth of approximately 5,000 meters. Iraq’s gas performance is expected to reach 1 .3 million cubic feet per day ( mcf/d ) by the end of 2020, an increase of 400 mcf/d from latest levels, according to Reuters.
The country, OPEC’s second-largest manufacturer, is targeting manufacturing total capacity of 5 million barrels each day ( bpd )in 2019, with average exports required to reach around 3 .8 million bpd. Iraq presently oil pumps around 4 .6 million bpd, 2nd only to Saudi Arabia in the Organization of the Petroleum Exporting Countries.