Austrian company finds gas reserves in Sindh

Published October 13, 2015
The Latif South-1 well had a gas throughput of 2,500 barrels of oil equivalent (boe) a day during testing, the company said in a statement. ─ AFP/File
The Latif South-1 well had a gas throughput of 2,500 barrels of oil equivalent (boe) a day during testing, the company said in a statement. ─ AFP/File

VIENNA: Austrian oil and gas company OMV has found gas at the Latif exploration block in Sindh, according to a press release issued by the company on Monday.

The Latif South-1 well had a gas throughput of 2,500 barrels of oil equivalent (boe) a day during testing, the company said in a statement.

"We are very pleased with this exploration success," Johann Pleininger, an OMV board member in charge of exploration and production, said in a statement. "The appraisal and development of this discovery will potentially enable us to enhance the production in Pakistan."

OMV's global production was 309,000 boe a day last year, the company said.

OMV Pakistan, a wholly-owned subsidiary of OMV Exploration & Production GmbH, started exploration activities in Sindh in 1991 and is amongst the largest international natural gas producers in Pakistan in terms of operated volumes conducting operations of the Sawan, Miano, Latif, Tajjal, and Mehar gas fields, .

OMV has a 33.4 per cent stake in the Latif exploration licence. Its partners are Pakistan Petroleum Ltd and Italian energy group Eni, which hold 33.3pc each. OMV also holds a 10 per cent stake in Pak-Arab Refinery Limited (PARCO), a joint venture between Pakistan and Abu Dhabi.

Pakistan has been victim to a fuel shortage since early this year. Prolonged gas and power loadshedding are causes of concern among urban dwellers.

Asian Development Bank President Takehiko Nakao has said that infrastructural development and the power sector are two areas where Pakistan is deficient.

Earlier this year, the ADB loaned $30 million to Engro Elengy Terminal Company for the construction of Pakistan's first liquefied natural gas terminal at the Port Qasim.

The project was expected to help the government make estimated savings of about $1 billion per annum on its current fuel import bill of nearly $15bn.

Opinion

Avoid Modi’s nationalist turf
Updated 19 Oct 2021

Avoid Modi’s nationalist turf

It remains the only party with a presence in every Indian state and makes it best equipped to effect the required radical change.
Back to the Fund
Updated 20 Oct 2021

Back to the Fund

The main IMF conditions have failed to deliver sustainable growth or even fiscal or external deficit reduction over four decades.
The lamp of guidance
Updated 19 Oct 2021

The lamp of guidance

Those seeking to learn from his example must follow the moral precepts he gave otherwise it is half-hearted devotion at most.

Editorial

Opposition’s chance?
Updated 19 Oct 2021

Opposition’s chance?

What the opposition can do is take advantage of the cleavage between PTI and the establishment, perhaps widen it and leverage it.
Evading tax laws
Updated 20 Oct 2021

Evading tax laws

Challenge of tax compliance can't be dealt with without directly taxing incomes irrespective of source and punishing tax evaders.
19 Oct 2021

KCR delays

AS political and bureaucratic stakeholders drag their feet over reviving the Karachi Circular Railway, residents of...
Financial troubles
Updated 18 Oct 2021

Financial troubles

Growing trade gap is fuelling the current account deficit and bringing the already meagre foreign exchange reserves under stress.
18 Oct 2021

Complaint portal

IN a ruling on Thursday, the Mingora bench of the Peshawar High Court held that the Prime Minister’s Performance...
18 Oct 2021

Capital’s master plan

IT is encouraging that on Thursday, the restructured commission formed by the federal cabinet to revise ...