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Pakistan Petroleum
Pakistan Petroleum Limited (PPL) is a Pakistani state-owned oil and gas company headquartered in Karachi. It is one of the largest exploration and production companies in the country and contributes over 20% of the country’s total natural gas supplies. It operates in major oil and gas fields, including the Sui gas field, and has non-operating interests in other fields. PPL also has operations internationally in UAE and Yemen. Its managing director reports to the Petroleum Secretary of Pakistan.
Pakistan Petroleum Limited was incorporated on 5 June 1950, when it inherited the assets and liabilities of the Burmah Oil Company Ltd. which initially held 70 percent of the share with the rest mostly held by the government of Pakistan (GoP).
In September 1997, Burmah Oil Company sold all its remaining equity to the Government of Pakistan for $5.75 million.
In 2004, Pakistan Petroleum was listed on the Karachi Stock Exchange, following an initial public offering at PKR 55 per share.
In 2012, Pakistan Petroleum acquired MND operations in Pakistan for $180 million. Later, it was unearthened that Pakistan Petroleum paid twice the market value and this resulted in the loss of PKR 6.21 billion. Subsequently, the National Accountability Bureau initiated corruption reference cases against the Pakistan Peoples Party politicians that started to politicize the board of directors in 2010.
PPL is operator and shares 100% in two fields named Kandhkot and Sui gas field.
Kandhkot gas field was discovered in 1959 but due to low demand, production did not begin until 1987. It was hit by a flood in August 2010 and one of the gas gathering mains (GGM) submerged completely and two GGMs partly. There were 25 producing wells out of which 15 were shut-in. Production from the field dropped to 70 million cubic feet per day (2.0 million cubic metres per day) at standard conditions from the peak of 195 million cu ft/d (5.5 million m3/d) of gas. Eight wells were bought into operation by September 2010. After repairs, production increased to 160 million cu ft/d (4.5 million m3/d). Two additional wells brought into operation by mid-October 2010 adding 30 million cu ft/d (850 thousand m3/d) of gas thereby increased available production to 190 million cu ft/d (5.4 million m3/d). In December 2010, compression station began commercial operation to maintain contractual delivery pressure and enhance recovery ratio.
Sui gas field was discovered in 1952 and is PPL's flagship natural gas project. It is under the depletion phase, gas sales during the financial year 2010–2011 were 170.8 billion ft3 (4.84 billion m3) against 177.6 billion ft3 (5.03 billion m3) in 2009–2010. Production commenced from two development wells and a third well spud-into during the fiscal year 2010–2011. Drilling of well Sui-92U was started in March 2010. The well was drilled up to the depth of 2,128 meters in the Pab reservoir and was successfully completed as a single-string producer from Sui upper limestone (SUL) in December 2010. Drilling of well Sui-89M started in January 2011 and was completed in February 2011. Sui-93M was drilled as a horizontal well using under-balanced drilling technology in the reservoir for the first time in pakistan to optimise field production. Well drilling started in March 2011 and completed in July 2011.
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Pakistan Petroleum
Pakistan Petroleum Limited (PPL) is a Pakistani state-owned oil and gas company headquartered in Karachi. It is one of the largest exploration and production companies in the country and contributes over 20% of the country’s total natural gas supplies. It operates in major oil and gas fields, including the Sui gas field, and has non-operating interests in other fields. PPL also has operations internationally in UAE and Yemen. Its managing director reports to the Petroleum Secretary of Pakistan.
Pakistan Petroleum Limited was incorporated on 5 June 1950, when it inherited the assets and liabilities of the Burmah Oil Company Ltd. which initially held 70 percent of the share with the rest mostly held by the government of Pakistan (GoP).
In September 1997, Burmah Oil Company sold all its remaining equity to the Government of Pakistan for $5.75 million.
In 2004, Pakistan Petroleum was listed on the Karachi Stock Exchange, following an initial public offering at PKR 55 per share.
In 2012, Pakistan Petroleum acquired MND operations in Pakistan for $180 million. Later, it was unearthened that Pakistan Petroleum paid twice the market value and this resulted in the loss of PKR 6.21 billion. Subsequently, the National Accountability Bureau initiated corruption reference cases against the Pakistan Peoples Party politicians that started to politicize the board of directors in 2010.
PPL is operator and shares 100% in two fields named Kandhkot and Sui gas field.
Kandhkot gas field was discovered in 1959 but due to low demand, production did not begin until 1987. It was hit by a flood in August 2010 and one of the gas gathering mains (GGM) submerged completely and two GGMs partly. There were 25 producing wells out of which 15 were shut-in. Production from the field dropped to 70 million cubic feet per day (2.0 million cubic metres per day) at standard conditions from the peak of 195 million cu ft/d (5.5 million m3/d) of gas. Eight wells were bought into operation by September 2010. After repairs, production increased to 160 million cu ft/d (4.5 million m3/d). Two additional wells brought into operation by mid-October 2010 adding 30 million cu ft/d (850 thousand m3/d) of gas thereby increased available production to 190 million cu ft/d (5.4 million m3/d). In December 2010, compression station began commercial operation to maintain contractual delivery pressure and enhance recovery ratio.
Sui gas field was discovered in 1952 and is PPL's flagship natural gas project. It is under the depletion phase, gas sales during the financial year 2010–2011 were 170.8 billion ft3 (4.84 billion m3) against 177.6 billion ft3 (5.03 billion m3) in 2009–2010. Production commenced from two development wells and a third well spud-into during the fiscal year 2010–2011. Drilling of well Sui-92U was started in March 2010. The well was drilled up to the depth of 2,128 meters in the Pab reservoir and was successfully completed as a single-string producer from Sui upper limestone (SUL) in December 2010. Drilling of well Sui-89M started in January 2011 and was completed in February 2011. Sui-93M was drilled as a horizontal well using under-balanced drilling technology in the reservoir for the first time in pakistan to optimise field production. Well drilling started in March 2011 and completed in July 2011.