The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant
Pakistan Oilfields Limited (POL) has announced that its Razgir-1 oil well in the Tolanj region started production on October 12, following regulatory approval.
The company shared this update in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
According to POL, production from Razgir-1 is being increased gradually and is expected to reach 25.1 million cubic feet of gas per day.
It will also give off 333 barrels of condensate per day, by the end of the day, based on the figures of commingled production results provided by the well’s operator.
Pakistan Oilfields Limited is a key player in the country’s oil and gas sector, from exploration, drilling and production and holds a 25% pre-commercial interest in the Razgir-1 well.
The company also produces and sells LPG, natural gas, and crude oil under the POLGAS brand and through its subsidiary, CAPGAS (Private) Limited. POL also manufactures sulfur and solvent oil.
The successful start of production at Razgir-1 marks another step forward for POL in expanding its energy portfolio within Pakistan.