New Delhi: In a major development, Pakistan has discovered gas and oil reserves in Waziristan that promise to change the face of the country’s economy. It is important to note that India’s neighbouring country, Pakistan, has been struggling with poverty for a long time, leading to a significant decline in its foreign exchange reserves. The nation is now grappling with financial hardship.
The situation has worsened to the extent that Pakistan has had to repeatedly seek loans from the International Monetary Fund (IMF) to import essential goods. Moreover, due to its inability to repay previous debts, creditor countries have had to reschedule loan repayments.
Here are some of the important details:
- According to a report by The Express Tribune, the operator of the block, Mari Energy, has confirmed the discovery at the Spinam-1 well, where drilling began on May 28, 2024.
- The well has produced 12.96 million cubic feet of gas and 20 barrels of crude oil per day.
- The company holds a 55% stake in the Waziristan block, with Oil & Gas Development Company Limited (OGDCL) and Oil & Gas Investment Limited (OPI) as joint venture partners.
- Mari Energies said that this discovery will contribute to strengthening Pakistan’s hydrocarbon reserves.
- The firm also acknowledged the support of national security agencies and both federal and provincial governments in facilitating the project.
Oil and gas reserves have also been found in Sujawal, Sindh
Last year, Pakistan Petroleum Limited (PPL) announced the discovery of new oil and gas reserves in the Shah Bandar Block, located in the Sujawal district of Sindh. The company disclosed details of the discovery in a formal communication to the Pakistan Stock Exchange (PSX). According to the statement, the Jhamp East X-1 well in the Shah Bandar Block is producing 10 million standard cubic feet per day (MMSCFD) of natural gas and over 150 barrels of light oil per day.
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