MOL makes TAL Block gas and condensate discovery

Source: press release, 14 July 2020

MOL holds equity stakes in four blocks in Pakistan (photo: MOL Group)
MOL holds equity stakes in four blocks in Pakistan (photo: MOL Group)

MOL, as the operator of TAL Block in Pakistan, has made a new gas and condensate discovery. This marks the company’s 13th discovery in Pakistan and the 10th discovery in the TAL Block.

The Mamikhel South-1 exploratory well successfully reached a total depth of 4,939 metres on 23 May 2020. Upon testing the well flowed gas and condensate from Lockhart & Hangu formation at a flow rate of 6,516 boepd (16.12 MMscf/d and 3,240 bpd respectively), with flowing well-head pressure of 4,476 PSI at 32/64-inch choke. Further testing of the well is ongoing.

MOL has a proven track record of successfully operating in Pakistan’s upstream sector for 21 years and holds equity stakes in four blocks in the country. MOL has made 13 oil, gas and condensate discoveries in Pakistan since 2000 and discovered over 400 million boe hydrocarbon reserves.

As the operating shareholder MOL is responsible for 89 mboepd gross production (as of Q1 2020) in the TAL block, one of the largest hydrocarbon-producing blocks in the country, where MOL has 8.4% share.

MOL’s partners in the Joint Venture consortium are OGDCL, PPL, POL and GHPL. MOL Pakistan is the country’s second largest producer of LPG, crude oil and condensate. As the operator it currently addresses around 9% of the natural gas needs of Pakistan, 25% of oil and condensate needs and 22% of LPG.

Dr. Berislav Gašo, MOL Group’s E&P EVP comments, “I am delighted to announce that we have made another discovery in Pakistan. This new discovery has de-risked an exploration play in deeper reservoir in the TAL Block, leading to new upside opportunities. The Mamikhel South-1 discovery will also help to improve the energy security of the country from indigenous resources. We are thankful to our Joint Venture partners as well as the Government of Pakistan for their continued support.”

MOL aims to transform its E&P division into an international platform and the new discovery strengthens this ambition further. Currently, MOL Group has upstream presence in 14 countries with production activities in 9 of them. Besides its core region, Central and Eastern Europe (Hungary and Croatia), MOL has a well established presence and partnerships in the CIS region (Russia, Kazakhstan, Azerbaijan), the Middle East, Africa and Pakistan as well as the North Sea region (UK, Norway).