Mari Petroleum successfully drills development well in Sindh

Mari Petroleum Company Limited (MARI), one of the largest producers of natural gas in the country, has successfully drilled and tested a horizontal well in District Daharki, Sindh.

The development was shared by MARI, the operator of Mari Gas Field with 100% working interest, in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“We are pleased to inform that MARI has successfully drilled and tested a third horizontal development well Mari-124H in Habib Rahi Limestone (HRL) Reservoir of Mari Gas Field in Daharki, Sindh Province,” read the notice.

“The well is part of the Mari Field Revitalization Project aimed at better managing the delivery pressure, sustaining the gas production, and optimal reserves recovery, all leading to the arrest of the depletion in production,” it said.

The E&P shared that the well was drilled to a total measured depth of 1,740 meters with a horizontal section length of around 750 meters. “After completion, the well was tested at a rate of around 17 million standard cubic feet per day (mmscfd) of gas at a flowing wellhead pressure of 470 pounds per square inch gauge (psig),” MARI said.

The company informed that the well will be put on regular production immediately after releasing the drilling rig. “The company is evaluating opportunities to drill additional horizontal wells in due course,” it added.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas.

Last month, MARI commenced gas production from its appraisal well in Sindh

The company is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international.

MARI’s key customers include fertilizer manufacturers, power generation companies, gas distribution companies; and refineries.

As per MARI’s latest financial results, the company’s net sales and net profit recorded an impressive growth of 53% and 70% year-on-year and stood at the historically highest levels of Rs145.7 billion and Rs56.1 billion, respectively, during the fiscal year 2022-23.