Table of Contents
Pakistan Oilfields Limited (PSX: POL) has announced a significant hydrocarbon discovery at the Makori Deep-03 development well, located in the TAL Block, District Karak, Khyber Pakhtunkhwa. The breakthrough was disclosed in a statement issued on Friday, based on results shared by MOL Pakistan, the operator of the TAL Block and a subsidiary of Hungary’s MOL Group.
Strong Output from Lockhart Formation
Drilling of the Makori Deep-03 well began on December 12, 2024, and reached a total depth of 3,887 meters. According to post-drill testing, the well is producing:
- 22.08 million standard cubic feet per day (MMSCFD) of gas
- 2,112 barrels per day of condensate
- 15 barrels of water per day
The production results were recorded from the Lockhart formation, using a 32/64″ fixed choke with a flowing wellhead pressure of 4,744 psi.
A Major Boost for Domestic Energy
This discovery represents a significant boost for Pakistan’s domestic energy production, especially in a time when the country faces persistent energy deficits and growing reliance on imported fuels. The TAL Block has historically been one of Pakistan’s most productive regions for hydrocarbons, and this latest discovery reinforces its strategic importance.
“This is a milestone achievement not only for Pakistan Oilfields but also for the energy security of the country,” a senior industry official said.
POL’s Stake in the TAL Block
Pakistan Oilfields Limited holds a 25% pre-commerciality working interest in the TAL Block. Other joint venture partners include MOL Pakistan (operator), Oil & Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL).
The successful completion and testing of Makori Deep-03 underscore the continuing productivity of the block and the expertise of the operator and its partners.
Impact on Pakistan’s Energy Outlook
The discovery could help ease some of Pakistan’s growing energy burden by reducing the need for expensive LNG imports. Local production of gas and condensate supports both the power and industrial sectors, and successful wells like Makori Deep-03 can make a measurable difference in foreign exchange savings and energy availability.
Pakistani Passport Sees Improvement in Global Ranking
The new supply could also contribute to stabilizing domestic gas prices and improving supply reliability, particularly as older gas fields across the country continue to decline in output.
Investor Confidence and Market Reaction
While the Pakistan Stock Exchange has yet to fully reflect the impact of this announcement, analysts expect a positive sentiment boost for POL shares and possibly other stakeholders in the TAL Block.
Energy sector analysts say that such discoveries could enhance investor confidence and attract further exploration investment, particularly in under-explored regions like KP and Balochistan.
Next Steps
Field development planning is likely to follow shortly, and commercial production timelines will depend on infrastructure readiness, particularly pipeline connectivity and processing capacity at nearby central facilities.
With the well demonstrating strong flow rates from initial testing, fast-tracking it to commercial production could be a top priority for the joint venture.
