Page 34 - Pakistan Oilfield Limited - Annual Report 2022

32
PAKISTAN OILFIELDS LIMITED
Forward Looking Statement and
Future Plan
We are committed to
increase hydrocarbon
reserves and to
explore all possible
options for recovering
proven reserves
in an optimal and
economically viable
manner.
We are committed to increase
hydrocarbon reserves and to
explore all possible options for
recovering proven reserves in
an optimal and economically
viable manner. Driven by our
vision to be the leading oil and
gas exploration and production
Company of Pakistan, POL is
investing substantial amount
on exploration/development
activities to increase its reserve
base and with the Grace of
Allah we are pretty much
hopeful to get new successes.
Production from Tolanj West-
2 (after successful testing)
is expected to start from
December 2022. Mamikhel
South-1 well production line
has been completed and
production will be started after
Government’s approval of 2012
Petroleum Policy Gas price.
Based on 3D Seismic data
interpretation, an exploratory
well Razgir has been approved
by the joint venture partners
but on hold due to gas price
dispute with the Government.
In the year 2022-23, four
exploratory (Balkassar Deep-
1A, Bhandak-1, Ratana-5A &
Tarnol-1) and four development
wells (Jhandial-3, Adhi-35, Adhi
South-5 and Adhi South-6)
will be spudded. Jhandial 3D
seismic data processing up
to Pre-Stack Depth Migration
(PSDM) level is in progress.
On the basis of PSDM
interpretation, well location of
Jhandial-3 will be decided.
DGK-1, exploratory well was
spudded on October 16, 2021
and drilled to a depth of 12,601
feet, penetrating full sequence
of one of the main target i.e.,
the Chiltan formation. Further
drilling at DGK-1 well was
carried out and well achieved
its target depth and preparation
of well logging is in progress.
After taking well logs, further
course of action will be decided
to test the deeper formation.
Remaining leads of DG Khan
block are under evaluation.
During the year, POL has
signed Petroleum Concession
Agreements of the following
Blocks:
• Dhurnal North Block-
Operator with 60% share
(October 13, 2021)
• Nareli Block-Non Operator
with 32% share (October 13,
2021)
Further, in the recent bidding
of Exploration Blocks, POL has
won the Chahbali Block - Non
Operator with 30% share.
Trends and
uncertainties
affecting POL’s
revenue and
operations
POL’s oil prices are linked with
the international oil prices
and exchange rate which
are uncontrollable factors
for the POL as well as the