Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pakistan Petroleum Ltd.    PPL   PK0081801018

PAKISTAN PETROLEUM LTD.

(PPL)
  Report  
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector news
The feature you requested does not exist. However, we suggest the following feature:

Oil, gas reserves not found off Karachi coast: Nadeem

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/21/2019 | 09:17am EDT

The 18th attempt to find hydrocarbons off the shore of Pakistan has been futile as no oil and gas reserves have been found off Karachi coast, Special Assistant to PM on Petroleum Nadeem Babar said Saturday.

Pakistan was hopeful of finding large oil and gas reserves in its territorial waters in the Arabian Sea. Around four months ago, Italian firm ENI, the operator of the Kekra-1 offshore block, started drilling in a joint venture with US firm ExxonMobil - one of the world's largest oil and gas firm - and the Oil and Gas Development Company Limited.

He added that Dutch firm Shell had also carried out offshore drilling 10 years ago but failed to find hydrocarbon reserves. The official said the ENI, in partnership with other companies, had invested around $100 million and predicted a 13% success rate during drilling.

Babar said the process of drilling up to more than 5500 meters was completed on Kekra-1 (Indus G-Block) off Karachi coast. He said Oil and Gas Development Company Limited and Pakistan Petroleum Limited also assisted Exxon Mobil and ENI in drilling the oil well.

The PM's aide said the office of DG Petroleum Concessions has been apprised of the results of drilling. He further informed that the cost of drilling project, which has now been abandoned, remained over $100 million.

However, the official noted that India had found offshore reserves after 40 attempts.

'Therefore, Pakistan should continue its efforts to found reserves because there is a long area where reserves have been predicted. The drilling was made in ultra-deep waters some 280 kilometres away from Karachi coast.

Earlier this year, Prime Minister Imran Khan had said Pakistan would not need to import oil after reserves were found near Karachi coast.

'We are hopeful of finding large reserves of gas and oil in the sea near Karachi. The nation should pray for this and I will soon share good news regarding this,' Khan had told reporters in Islamabad.

(c) 2019 Pakistan Observer. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION -0.90% 75.56 Delayed Quote.11.31%
OIL & GAS DEVELOPMENT CO., LTD. 4.38% 136.39 End-of-day quote.1.78%
PAKISTAN PETROLEUM LTD. -0.06% 157.56 End-of-day quote.1.66%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PAKISTAN PETROLEUM LTD.
05/21OIL, GAS RESERVES NOT FOUND OFF KARA : Nadeem
AQ
05/21PAKISTAN PETROLEUM : PGNiG drills production well in Pakistans Rehman field
AQ
05/20OIL, GAS RESERVES NOT FOUND OFF KARA : PM's aide Nadeem Babar
AQ
05/19PAKISTAN PETROLEUM : What 'good quality reservoir' Pakistan found in oil, gas dr..
AQ
05/19EXXON MOBIL : Bad news for PM Imran Khan, no oil and gas reserves found off Paki..
AQ
05/19Exploration at Kekra-1 well off Pakistan ends - OGDC spokesman
RE
05/19PAKISTAN PETROLEUM : Hope of finding oil and gas in Arabian Sea in Pakistan dash..
AQ
05/18PAKISTAN PETROLEUM : No oil, gas reserves found in Pakistani waters
AQ
05/18IND : JS Securities Limited - Weekly Review
AQ
05/16PAKISTAN PETROLEUM : Offshore drilling at Kekra-1 near Karachi coast completed
AQ
More news
Financials (PKR)
Sales 2019 154 B
EBIT 2019 68 369 M
Net income 2019 56 297 M
Debt 2019 -
Yield 2019 6,38%
P/E ratio 2019 6,19
P/E ratio 2020 6,13
Capi. / Sales 2019 2,32x
Capi. / Sales 2020 2,16x
Capitalization 357 B
Chart PAKISTAN PETROLEUM LTD.
Duration : Period :
Pakistan Petroleum Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 208  PKR
Spread / Average Target 32%
EPS Revisions
Managers
NameTitle
Moin Raza Khan Chief Executive Officer & Managing Director
Salman Akhtar Chairman
Syed Ehtesham Ahmad Chief Financial Officer
Mohammad Ahmed Kauser General Manager-Information Technology
Muhammad Sajid Farooqi Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
PAKISTAN PETROLEUM LTD.1.66%2 354
CNOOC LTD10.03%77 764
CONOCOPHILLIPS2.04%70 579
EOG RESOURCES INC.9.65%54 365
OCCIDENTAL PETROLEUM CORPORATION-12.90%39 982
ANADARKO PETROLEUM65.94%36 529