PPL hits unprecedented production in November

KARACHI: Pakistan Petroleum Limited (PPL), a state-owned frontline player in energy sector, hit unprecedented oil and gas production level of one billion cubic feet equivalent per day (Bcfepd) in November, a statement issued on Wednesday said.

Overall production increased more than 10 percent during the current year as compared to 2014/15, it added. “This has been made possible largely due to the company’s structural reorganisation to an asset-based hybrid setup in mid-2015, enabling renewed focus to optimise reserve replacement and production from mature assets and fields,” the statement said.  

The Pakistan Petroleum Limited drilled a record 23 operated wells, which include 11 development wells with four each in Sui and Kandhkot, two in Adhi and one in Gambat South.  The company also maximised production efficiencies mainly through revamping of Sui compressors and workover jobs on existing wells in various fields and commissioning of new production facilities at Adhi and Gambat South.

The Pakistan Petroleum Limited is trying to arrest an annual six percent production decline from its flagship Sui gas field. It, however, raised the gross production from Adhi and Kandhkot fields to 111 million standard cubic feet per day equivalent (mmscfde) and 203 mmscfde, respectively in 2016/17 from 84 mmscfde and 159 mmscfde in 2014/15.

“Pakistan Petroleum Limited continues to improve production efficiencies and implement an aggressive exploration programme to enhance production while maintaining a healthy reserve replacement ratio,” the statement said. In 2015/16, Pakistan Petroleum Limited made six discoveries and drilled 12 exploratory wells in operated blocks and achieved 127 percent reserve replacement ratio.