Economy

Hungary’s Oil And Gas Group MOL Announces New Discovery In Pakistan

Hungary-based oil and gas group MOL announced a new discovery in TAL block in Pakistan. The Makori-Deep-1 exploration well reached its target depth of 5,067 meters on April 17, 2016, the company said. During testing, the well flowed oil and gas in Lockhart-1 formation at a rate of 2,020 barrels of oil per day (bopd) and 900 barrels of oil equivalent per day (boepd), respectively, MOL said.

“We are very proud of our 8th discovery in the MOL-Operated TAL block. This new discovery has derisked exploration in deeper fault blocks in the TAL block leading to new upside opportunities, Dr. Berislav Gašo, MOL Group’s E&P COO said. “Further, this new discovery will help to improve the energy security of the country. We are thankful to our JV partners as well as the Government of Pakistan for their solid support”, he said.”Our exploration and development efforts in Pakistan are crucial building blocks of the success of MOL’s New Upstream Program, which aims at making MOL Group’s portfolio self-funding even in a low oil price environment”, he added.

The Central European oil giant has a well-established track record of over 17 years in Pakistan and holds equity stakes in five blocks in the country. The current discovery, which marks the 8th one in the TAL block in Pakistan, is MOL’s 12th over three different blocks (8 operated). As the operating shareholder MOL is currently responsible for over 80 thousand barrels of oil gross production per day with partners in the JV consortium such as OGDC, PPL, POL and GHPL.

via molgroup.info photo: mol.hu