Aus­trian com­pany finds gas re­serves in Sindh

Enterprise - - National News -

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.

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