Pakistan has achieved a significant milestone in its energy sector with a new discovery in Waziristan. The Mari Petroleum Company Limited (MPCL) announced this finding on the Pakistan Stock Exchange (PSX). The new hydrocarbon reserves were found in the Spin Wam-1 well, situated in Khyber Pakhtunkhwa.
The official letter from MPCL revealed that the well is producing both light crude oil and natural gas. It has a flow pressure of 3,431 pounds per square inch (psi). Moreover, the estimated daily output includes 20.485 million standard cubic feet of gas and 117 barrels of light crude oil.
Mari Petroleum holds a 55% stake in the Waziristan Block, while the Oil & Gas Development Company Limited (OGDCL) owns 35%. Orient Petroleum owns the remaining 10%. This distribution of shares reflects a strong partnership among the companies involved in the discovery.
Experts believe Waziristan has much potential for additional oil and gas discoveries. These new resources could enhance the country’s energy security and decrease reliance on imports.