Hungarian oil and gas firm MOL Group has made a new gas and condensate discovery in the Tal block of Pakistan.
According to the company, this is its 13th discovery in Pakistan and tenth discovery in the TAL block, where MOL serves as the operator.
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MOL said that the Mamikhel South-1 exploratory well, which was drilled at the Pakistani block, reached a total depth of 4,939m on 23 May.
The well has achieved a flowed gas and condensate from Lockhart and Hangu formation at a flow rate of 6,516 barrels of oil equivalent per day (boepd).
The company noted that further testing of the exploratory well is currently underway.
MOL Group E&P executive vice-president Berislav Gašo said: “I am delighted to announce that we have made another discovery in Pakistan. This new discovery has de-risked an exploration play in deeper reservoir in the TAL Block, leading to new upside opportunities.
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By GlobalData“The Mamikhel South-1 discovery will also help to improve the energy security of the country from indigenous resources. We are thankful to our joint venture partners, as well as the Government of Pakistan for their continued support.”
As of the first quarter this year (Q1-2020), MOL is responsible for 89 million boepd of gross production in the TAL block.
The partners in the joint venture consortium comprise MOL, PPL, POL, GHPL and Oil and Gas Development Company (OGDCL).
In May this year, MOL Group reported $152m net loss in Q1-2020, marking the first sign of the Covid-19 pandemic-related crisis.
MOL is an integrated, international oil and gas company. Headquartered in Budapest, Hungary, the firm is active in more than 30 countries.
