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.

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