Overview
Pakistan Petroleum Limited (PPL) has an aggressive exploration program geared to optimize production and replenish reserves. The company has invested in acquiring state-of-the-art integrated technology and enhancing human resource competencies to achieve desired outputs and minimize risks through well-coordinated teamwork and strategic partnerships with local and international Exploration and Production companies.
PPL’s Exploration Directorate consists of three assets: North, South and Frontier. The Frontier Asset also oversees one partner-operated block in Yemen and an operated offshore block in Pakistan. In addition, New Ventures, International, Unconventional & Minerals (NVIUM) and Subsurface Technologies & Support Services (STSS) departments also fall under the domain of Exploration Directorate.
The company, together with its subsidiaries, has a portfolio of 50 exploration blocks. These consist of 29 operated blocks, including one offshore lease in Pakistan, an international Offshore Block 5 in Abu Dhabi, and 21 partner-operated concessions, including Block 3 in Yemen along with three operated and five partner-operated provisionally awarded blocks acquired during local bid rounds in January and July 2022.
As such, PPL strategically holds a diversified exploration portfolio with a mix of high-risk, high-reward and low-risk, low/ medium-reward assets. Furthermore, our E&P business cycle, as proven historically, involves initiation of production within a few years of investing in exploration, is slated to position the company in the front line to reap the benefits of rebounding oil prices.
Over the last decade, PPL saw an exponential increase in seismic operations and exploratory drilling following the acquisition of new blocks through 2009, 2013 and 2018 bid rounds. With this, PPL acquired approximately 13,700 L. km 2D and about 9,800 sq. km 3D seismic together with around 27,750 L. km gravity and magnetic data in operated blocks alone. Besides, the company drilled 65 exploratory wells and made 22 discoveries during the last decade.