Gas discovered in Sindh

KARACHI: OMV, the operator of Latif Exploration Block, has announced gas discovery from the exploration well, Latif South-I in Sindh.
“During testing, the well flowed 15mmcfd of gas. The presence of hydrocarbons was proved through wireline logging and testing operations,” a bourse filing said on Friday.
The joint venture of Latif Exploration Licence consists of the operator OMV Pakistan with 33.4 percent shareholding along with Eni Pakistan and Pakistan Petroleum Limited (PPL) with 33.3 percent shareholding each.
An analyst said the exploration and production (E&P) sector has become increasingly competitive over the last few years due to depleting reserves, regulatory refinements, macroeconomic factors and fluctuating oil prices. To effectively address these challenges and sustain progressive growth, companies are evaluating growth possibilities through new projects in the oil and gas sector, while mining of other minerals are also being evaluated. Similarly, feasibility studies for special projects are being carried out to assess the possibilities for prospective business expansion.