KARACHI, Sept 23: Pakistan Petroleum Limited (PPL) announced on Tuesday that the company's share of revised remaining "proven developed & underdeveloped recoverable reserves" stood at 4.84 trillion cubic feet (tcf).
The company stated that PPL's share of remaining proven recoverable reserves (developed only) from operated and non-operated fields as at June 30, 2004 was estimated at 3.93 tcf.
"In the recent past an independent reserves study carried out by an internationally reputed consultant had identified 'undeveloped proven reserves' potential of 0.91 tcf from Sui gas field subject to installation of additional compression to lower the reservoir abandonment/pressure," the company said.
"As per the international standards of reserves classification, proven reserves, which require substantial development expenditure, were classified as "undeveloped proven reserves". Recently, the company had completed further in-house studies, which confirmed the existence of the additional reserves, the company stated.
A meeting of the Board of Directors held on November 19, 2004 noted that since the recovery of that "undeveloped proven reserve" had been found to be technically and economically feasible, therefore, the board had approved the revision in the reserves estimates of the company at June 30, 2004 at 4.84 tcf.
THE BREAK-UP WAS AS FOLLOWS: PPL's share of remaining "proven developed recoverable reserves" from operated and non-operated fields as at June 30, 2004 was 3.93 tcf. To this was added additional 0.91 tcf "undeveloped proven reserves" - Sui Gas Field. Together that brought the total at 4.84 tcf.
THE COMPANY CONCLUDED: "As discussed above this additional proven reserve of 0.91 tcf is classified as undeveloped as 'relatively major expenditure' is required to install additional compression facilities for their exploitation".
