Peshawar: Pakistan has achieved a significant milestone in its energy sector with the discovery of a second major oil and gas reserve in the Waziristan Block, according to an official announcement.
Mari Petroleum Company Limited (MPCL) informed the Pakistan Stock Exchange (PSX) that new hydrocarbon reserves have been discovered in the Spin Wam-1 well, located in Khyber Pakhtunkhwa’s Waziristan region.
The well is producing 20.485 million standard cubic feet per day (MMSCFD) of gas and 117 barrels of light crude oil daily, with a flow pressure of 3,431 pounds per square inch (psi).
MPCL holds a 55% stake in the Waziristan Block, while Oil & Gas Development Company Limited (OGDCL) owns 35%, and Orient Petroleum has a 10% share in the project.
Energy experts believe this discovery strengthens Pakistan’s potential for further oil and gas exploration in the Waziristan Belt, which could help improve energy security and reduce reliance on imports.
The latest find follows previous successful hydrocarbon discoveries in the region, reinforcing hopes for more reserves that could boost domestic energy production and support the country’s economic growth.
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