KARACHI: Austrian Oil and Gas company OMV has found gas reserves at the Latif exploration block in Sindh, Pakistan.
According to details, The Latif South-1 well had a gas throughput of 2,500 barrels of oil equivalent (boe) a day during testing.
Johann Pleininger, an OMV board member in charge said in a statement “We are very pleased with this exploration success, The appraisal and development of this discovery will potentially enable us to enhance the production in Pakistan.”
OMV’s global production was 309,000 boe a day last year, the company said.
OMV has a 33.4 per cent stake in the Latif exploration licence. Its partners are Pakistan Petroleum Ltd and Italian energy group Eni, which hold 33.3pc each. OMV also holds a 10 per cent stake in Pak-Arab Refinery Limited (PARCO), a joint venture between Pakistan and Abu Dhabi.
It is to be kept in mind that Pakistan has been victim to a fuel shortage since early this year. Prolonged gas and power loadshedding are causes of concern among urban dwellers.
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