Austrian company finds gas reserves in Sindh
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.