Islamabad August 6 2024: Pakistan Petroleum Limited increase the gas production from Sui Gas Field by 19 MMSCFD through revamping of compressors, according to company filing to the exchange.
Share price of the company surge PKR 2.23 or 2.0 percent at the opening of the trading session at Pakistan Stock Exchange.
Once the largest gas producing field of the country, is now producing only 241 MMSCFD of gas while the field has an average production of 296 MMSCFD in fiscal year 2023, which runs from July to June.
“Pakistan Petroleum Limited is pleased to announce its contribution towards Pakistan’s Energy Outlook as it remains committed to ensure a secure energy future for the country by maximizing domestic hydrocarbon production. With many of the Company’s producing fields maturing and on their natural decline, the Company has identified and executed a production enhancement opportunity in Sui Gas Field through Revamping of SML Compressors resulting in production increase” states the filing.
The execution of this opportunity has manifested in a production gain of 19 MMSCFD. This revamping project was initiated in March 2023 and completed in June 2024, addressing the declining wellhead pressure due to field aging whereby all seven SML Compressors were successfully revamped by operating at a lower inlet pressure to sustain production from Sui Gas Field.
This additional and cost-effective indigenous hydrocarbon production will contribute in bridging the energy demand and supply gap and save significant foreign exchange for the country.
