MOL announces oil discovery in Pakistan

"The well's recorded flow rate ranks it amongst the country's top oil producing wells. Based on initial evaluation of this well test, MOL believes the potential for this part of the Ghauri Block could be significant," said the company in a statement.

The well has an estimated production capacity of 5,500 barrels per, which would make it the country’s most lucrative well.

The joint venture comprises Mari Petroleum Company with 35 per cent working interest as operator, Pakistan Petroleum Limited (PPL) with 35 per cent and MOL with a 30 per cent working interest.

“We have made a major oil discovery in the Sakessar Formation, in the eastern Potohar region in Ghauri X-1 Well,” said Mari Petroleum in a public announcement. “The 3,800 metre-deep Ghauri Well is a landmark achievement, being the first hydrocarbon discovery in the eastern part of Potohar Plateau.”