ADVERTISEMENT

MOL announces significant oil discovery in Pakistan

Deals

Hungarian oil and gas company MOL announced on Tuesday that Ghauri Joint Venture (GJV) has made a significant oil discovery in its Ghauri X-1 Well, located in Punjab Province in Pakistan.

GJV consists of MOL, with a 30% ownership stake, Mari Petroleum Company with 35% and Pakistan Petroleum Limited (PPL) with 35%. MOL reported that the oil discovery at Ghauri X-1 Well is the first finding of hydrocarbon in the Eastern part of Potwar Plateau.

The well's recorded flow rate ranks it amongst the country's top oil producing wells. According to MOL’s speculations and initial evaluation of the well, the oil discovery could be a significant one.

Though current SOIIP evaluations are taking place, it is still too early to predict how well the block around the Ghauri X-1 well will produce.  The Hungarian company agrees with its partner's initial estimate that the block has reserves of 22 million barrels.

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.