Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pak PetroleumXDXB    PPL   PK0081801018

PAK PETROLEUMXDXB

(PPL)
  Report  
SummaryChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Pakistan Petroleum : Offshore drilling near Karachi coast completed

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/15/2019 | 10:43am EDT

Offshore drilling near Karachi coast on Indus G-Block (Kekra-1) has finally been completed after four months of hard work. The drilling was done through a joint venture (JV) of four companies.

Sources in the Petroleum Division informed Pakistan Today that the JV completed the offshore drilling on Kekra-1 well some 280 kilometres away from Karachi. The planned depth of 5,470 kilometres was achieved at a cost of Rs14 billion while the drill stem test (DST) was being conducted to determine the actual reserves of oil and gas, they added.

'DST would be completed in the next three days and a report regarding the total quantity of oil and gas reserves would be prepared within a week,' sources informed.

They said the availability of around nine trillion cubic feet of gas with a large quantity of oil was initially estimated in the Kekra-1 well.

A group of multinational companies, including ENI, Exxon Mobil, Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL), in a joint venture, had started offshore drilling on 11th January 2019. The drilling was expected to be completed in March 2019 as per initial estimation. ENI ensured the completion of offshore drilling despite critical situations faced during the drilling process.

Sources informed this scribe that due to the critical situations faced in the Kekra-1 well, the drilling team had to spend an additional $100 million in order to procure surplus steel and cement etc., as it had to drill the Kekra-1 well in another direction.

'This was a challenging task because the time to complete the drilling process was very limited, as the sea waves usually become unfriendly by the end of May,' sources said. 'The stability of a drilling ship by the end of May would have been next to impossible.'

Sources said that the determination of the actual quantity of the total reserves would be made during the next ten days. 'After getting samples from the said offshore site, the process of testing and analyzing would be commenced.'

A senior official at the Petroleum Division said that necessary infrastructure in the sea would be deployed for oil and gas exploration if the price of total reservoir quantity was more than $10 billion. If the reservoir quantity was in line with the estimates, Pakistan's import bill could be decreased by $6 billion annually, the official added.

It is pertinent to mention that the Federal Board of Revenue (FBR) has so far not granted clearance to the drilling ships, helicopters and other necessary equipment of ENI. The customs authorities have advised ENI to deposit around Rs1.6 billion as customs duty. However, the federal cabinet was likely to grant customs duty exemption to ENI and other exploration and production companies who would work on offshore sites in the future.

© Pakistan Press International, source Asianet-Pakistan

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PAK PETROLEUMXDXB
10/19PAK PETROLEUMXDXB : Four die as truck fell on car
AQ
10/18MARKET WATCH : KSE-100 drops 383 points on political uncertainty
AQ
10/16PAK PETROLEUMXDXB : BONUS ISSUE: 20 new shares for 100 existing shares
FA
10/16PAK PETROLEUMXDXB : Ex-dividend day for final dividend
FA
10/15MARKET WATCH : KSE-100 dips as investors await FATF review outcome
AQ
10/07PAK PETROLEUMXDXB : PPL ends up paying Rs27.6 billion to settle tax demand
AQ
10/04PAK PETROLEUMXDXB : Transmission of Annual Report for the Year Ended June 30, 20..
AQ
09/30PAK PETROLEUMXDXB : Govt plans to grant latest petroleum exploration licences
AQ
09/30PAK PETROLEUMXDXB : OGDCL, PPL to spend Rs 1.384 bln on welfare projects in curr..
AQ
09/26PAK PETROLEUMXDXB : Financial results of Pakistan Petroleum Limited for Year end..
AQ
More news
Financials (PKR)
Sales 2020 197 B
EBIT 2020 95 450 M
Net income 2020 68 376 M
Debt 2020 -
Yield 2020 6,83%
P/E ratio 2020 4,37x
P/E ratio 2021 3,82x
Capi. / Sales2020 1,52x
Capi. / Sales2021 1,36x
Capitalization 299 B
Chart PAK PETROLEUMXDXB
Duration : Period :
Pak PetroleumXDXB Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Average target price 166,59  PKR
Last Close Price 110,00  PKR
Spread / Highest target 71,9%
Spread / Average Target 51,4%
Spread / Lowest Target 25,0%
EPS Revisions
Managers
NameTitle
Moin Raza Khan Chief Executive Officer & Managing Director
Shamsul Islam Chairman
Syed Ehtesham Ahmad Chief Financial Officer
Mohammad Ahmed Kauser General Manager-Information Technology
Sajid Mehmood Qazi Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
PAK PETROLEUMXDXB-12.60%1 970
CNOOC LIMITED-2.30%67 636
CONOCOPHILLIPS-13.47%59 892
EOG RESOURCES INC.-26.11%37 398
OCCIDENTAL PETROLEUM CORPORATION-34.10%36 182
CANADIAN NATURAL RESOURCES LIMITED0.76%30 034