Mari Petroleum Company Limited (MARI), a leading natural gas producer in the nation, has achieved a significant milestone by skillfully drilling and conducting successful tests on a horizontal well situated in District Daharki, Sindh.
MARI, the exclusive operator of Mari Gas Field with a 100% working interest, announced a significant achievement through a notice to the Pakistan Stock Exchange (PSX) on Monday.
The notice stated, “We are delighted to share that MARI has successfully completed the drilling and testing of the third horizontal development well, Mari-124H, in the Habib Rahi Limestone (HRL) Reservoir of Mari Gas Field in Daharki, Sindh Province.”
Highlighting the significance of the well in the Mari Field Revitalization Project, the notice emphasized its role in managing delivery pressure, sustaining gas production, and optimizing reserves recovery, ultimately curbing the decline in production.
The exploration and production (E&P) company revealed that the well reached a total measured depth of 1,740 meters, featuring a horizontal section spanning approximately 750 meters.
Following completion, the well underwent testing, achieving a flow rate of approximately 17 million standard cubic feet per day (mmscfd) of gas MARI at a flowing wellhead pressure of 470 pounds per square inch gauge (psig).
Upon the release of the drilling rig, the well will promptly commence regular production, and MARI is actively exploring opportunities for additional horizontal wells in the future.
MARI, as the operator of the largest gas reservoir at Mari Gas Field, Daharki, Sindh, holds the position of the country’s second-largest natural gas producer.
The company, known for its integrated oil and gas exploration and production operations, maintains an impressive exploration success rate of around 70%, surpassing industry averages both nationally and internationally.
With key customers spanning fertilizer manufacturers, power generation companies, gas distribution entities, and refineries, MARI continues to play a crucial role in the energy sector.
According to MARI’s latest financial results, the company experienced remarkable year-on-year growth, with net sales and net profit increasing by 53% and 70%, respectively, reaching historically high levels of Rs145.7 billion and Rs56.1 billion during the fiscal year 2022-23.
Mari Petroleum Company Limited (MARI), a leading natural gas producer in the nation, has achieved a significant milestone by skillfully drilling and conducting successful tests on a horizontal well situated in District Daharki, Sindh.
Intraday Forex News: Rupee Gains Ground, Inches Higher Against US Dollar