New Oil And Gas Reserves Discovered In Attock

New reserves of oil and gas have been discovered in Attock.

According to reports, New reserves of oil and gas have been discovered in Ikhlas block of Attock. Attock Oil Company’s subsidiary Pakistan Oilfields Limited has struck new reserves of oil and gas.

This can go a long way toward filling the gap between energy needs and supply in Pakistan and lessening the extent of the energy crisis in the nation. In this regard, Pakistan Oilfields Limited has formally informed the Pakistan Stock Exchange in this respect and has shared some findings.

The well site to the Ikhlas block confirmed that gas, as well as gas condensate, was discovered in this block. Drilling on the well site 3 of the Ikhlas block began on October 12 and was completed after a drilling depth of 17,778 feet. The company undertook the drilling process by using advanced technical equipment and expert supervision of the process for the correct testing and calculation of the quantity of gas reserves.

Pakistan Oilfields Limited has estimated 767 bopd from this well, which is a significant addition to the country’s oil production. It is expected to yield 10.2 million cubic feet per day of gas daily for the country’s gas requirements.

Read Also: Power Shortage in Pakistan Reaches 6,832 Megawatts

This is not only a discovery favoring Pakistan’s economy but also one stride toward the much visiting and much trumpeted self-sufficiency in the energy sector. This will open new avenues of investment in the oil and gas industry in Pakistan, and it is going to bolster the national economy.

There will be a push in economic activities for the discovery of new oil and gas reserve prospects in the Ikhlas block. Local communities will also get job opportunities, and this will develop the area. The government is also going to be benefited in terms of earning more revenue from these resources, which will help in improving the overall economic condition of the country.

However, it can be said that due to the importance of this find, the company’s exploration of new oil and gas reserves in the Ikhlas block of Attock, Pakistan, makes a significant contribution toward an adequate supply to meet Pakistan’s energy needs and subsequently pushing the country’s economy forward.

Power Shortfall

However, is still a dream for Pakistanis to get uninterrupted electricity supply. While the tariff of electricity is at par with the sky, the country is facing a shortfall of 6,832 megawatts, and as a result, load-shedding of up to 14 hours is being carried out in different areas.

Most areas are experiencing 8 to 10 hours of load-shedding, while areas where electricity theft has been reported are facing 12 to 14 hours of outages.

Read Also: Fuel Prices Increased: Petrol Up by 10 Rupees

The overall electricity demand of Pakistan presently stands at 26,700 megawatts, while production is 19,668 megawatts.

Different media reports say hydropower sources generate 6,520 megawatts of electricity. Government thermal power plants are producing 650 megawatts. Private sector power plants contribute 7,878 megawatts.

In addition, power generation from wind power plants totals 1,080 megawatts, from solar power plants it reaches 194 megawatts, power generation through bagasse-based power plants amounts to 124 megawatts, and lastly, nuclear power plants generate 3,222 megawatts of electricity.

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