Pakistan Petroleum Limited (PPL), is the first ever local firm that has drilled the fuel internationally.
The firm is the operator of Block 8 in Iraq. It has done its first international exploration—Madain-1.
This makes it the first Pakistani oil and gas exploration and production firm with a mark as an operator on the international map of oil and gas.
The block is situated in the Mesopotamian basin and it is surrounded by areas that have got many large oil and gas fields.
As per the notification to the Pakistan Stock Exchange, the well is being drilled on an integrated project management basis by a Chinese drilling contractor—ZEPEC, making a major achievement in the history of the firm as its first exploration well.
The Madain-1 prospect reached maturity with the assistance of a 3D seismic survey that was conducted by a company spread over 300 square kilometre area of the block that extends nearly 6000 square kilometres.
There are many reservoir targets in Madain-1 that would be drilled through to a depth of nearly 5000 meters.
On Tuesday, the shares of Pakistan Petroleum Limited were trading at Rs177.99, up by Rs1.18 or +0.67% with a turnover of 106,600 shares.