Mari Petroleum Company Limited (MPCL) has located a one trillion cubic foot gas reservoir in North Waziristan, which will enable the country to save $1.5 billion in annual foreign remittance.
According to reports, MPCL has made a significant finding, which will save the government $1.5 billion in foreign remittances each year.
The price of this indigenous gas is expected to be around $4 per million British Thermal Unit (MMBTU), while the government is presently paying $25 per MMBTU for liquefied natural gas (LNG).
With a 21% market share, MPCL is the second-largest gas producer in Pakistan and has a reserve base of around 600 million BOE (Barrels of Oil Equivalent).
According to the MPCL, the ST-1 exploration well in the Bannu west block in North Waziristan, Khyber Pakhtunkhwa, has begun producing 25 million cubic feet of gas per day (MMCFD). A total of 200 million cubic feet of gas will be produced each day from other wells. Similarly, production of crude oil from the Bannu west block has also begun.