Pakistan hits JACKPOT, discovers ‘blue gold’ and ‘black gold’ in…., what it means for bankrupt Pakistan economy?

The Shah Bandar block reserve holds an impressive natural reservoir pressure clocking in at 2,800 pounds per square inch. Scroll down for more.

Pakistan hits JACKPOT: In a great news for India’s western neighbour, Pakistan, a large oil reserve has been found in Shah Bandar block located in Sujawal district of Sindh province. As per the announcement from Pakistan Petroleum Limited (PPL), Jhamp East X-1 well in Shah Bandar block is producing 10 million standard cubic feet of natural gas. Here are all the details you need to know about the discovery.

Moreover, according to the information given to the stock exchange by PPL, more than 150 barrels of light oil can also be taken out of it on a daily basis. Here’s all the details you need to know ‘blue gold’ and ‘black gold’

The Shah Bandar block reserve holds an impressive natural reservoir pressure clocking in at 2,800 pounds per square inch. This gas, once tapped, is sent over to be treated at the Sujawal Gas Processing Plant before integrating it into the network of the Sui Southern Gas Company. This contributes towards a robust natural gas supply in the region.

Reserves at Shah Bandar, Pakistan

Ownership of the Shah Bandar block isn’t in a single hand but shared among key stakeholders. Getting into the details of the ownershi[, Pakistan Petroleum Limited (PPL) carries the lion’s share at 63 percent, followed by Mari Petroleum at 32 percent. Also, The Sindh Energy Holding and Government Holdings (Private) Limited both hold a neat 2.5 percent each.

Gas supply issues in Pakistan

For those unversed, Pakistani PM Shahbaz Sharif had also ordered Pakistani officials to ensure continuous gas supply to the domestic consumers of the country during the winter. Readers must note that Pakistan has been facing an energy crisis since long and the domestic consumers in Pakistan face massive gas shortage in the winter season.

If readers can recollect, only a few months back, it was reported that a huge gas reserves were discovered in Pakistan. Also, a large reserve of petroleum and natural gas was also discovered in Pakistani waters.

Why no one is rushing to drill the huge reserves?

Security is one of the main concerns for any company which is wishing to drill the reserves.

“In areas where companies search for oil and gas, they have to spend a significant amount to maintain security for their employees and assets” Pakistan’s Petroleum Minister, Musadik Malik told Parliamentary committee.