Webdesk: MOL Pakistan Oil and Gas Company confirmed on Wednesday, a day after an armed attack, that production from the wells temporarily halted by remote access; however, the installations are “safe.”
On Tuesday, an armed attack reported at the Manzalai-08 and Manzalai-10 well sites in Hangu District. Both operated by MOL Pakistan Oil and Gas Company, a subsidiary of the Hungarian company MOL. Six personnel sacrificed themselves after a valiant fight.
“Both wells had to shut down from the Central Control Room to prevent damage from the explosion. It resulted in a production reduction of approximately four (4) MMscfd of gas and twenty-four (24) barrels per day of oil,” the company stated in a stock filing.
MOL Pakistan added that all facilities and field installations remained secure. As well as that hydrocarbon production from the remaining wells is normal.
Immediately following the occurrence, the company verified that no MOL employees were present at the attack site.
Fahad Rauf, the head of research at Ismail Iqbal Securities, stated that the decline in oil and gas production in Pakistan was in part due to a lack of significant discoveries, poor security, escalating debt issues, and a lack of local technical expertise.
In 2022, oil production was 18% lower than in 2019, and gas production was 14% lower during the same period.
“Due to the security situation, the country is unable to explore belts close to the Afghan border,” he explained.
He reported that foreign investment and exploration activity had increased in the Waziristan district, but that the situation had deteriorated since the United States’ withdrawal from Afghanistan.
In light of the departure of foreign firms, he stated, “Pakistan lacks the expertise and funds to exploit unconventional reserves, despite having one of the world’s largest shale reserves.”
