 has made an oil discovery resulting from its exploratory efforts at Shawal-l well, drilled in Mari){kind=link}
Mari Petroleum Company Limited (PSX: MARI) has made a new oil discovery at the Shawal-1 well in Sindh. The company announced this in a report to the Pakistan Stock Exchange on Monday.
The Shawal-1 well was drilled in the Mari Development & Production Lease (D&PL) area and reached a total depth of 1,136 meters in the Ghazij Formation. The drilling started on January 27, 2024.
During testing, the well produced 1,040 barrels of crude oil with a quality of about 30 degrees API. The oil contained about 12 percent sediment and water. Additionally, the well produced 2.5 million standard cubic feet of gas per day (MMSCFD) at a wellhead pressure of 953 pounds per square inch (Psi), using a 32/64 inch choke size.
This is the first oil discovery in Mari D&PL, a site that has been producing gas since 1967.
Mari Petroleum Company Limited (MPCL) operates Mari D&PL and holds 100% of the working interest in this area.
Pakistan Petroleum Limited (PPL) reported that it has increased its oil production by 530 barrels per day and boosted its gas production by 17 million standard cubic feet per day. This growth is due to the use of modern technology in exploration and extraction processes.
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Meanwhile, crude oil prices in the global market dropped by 4.2% amid concerns about disruptions in oil supply due to rising tensions in the Middle East.
Despite this overall decrease, Brent crude rose by 2.4%, adding $2.63, to close at $89.74 per barrel. Similarly, US crude oil (WTI) increased by $2.56, reaching $84.66 per barrel.