The operational achievements of the company are driven by its strategies of adding oil and gas reserves through accelerating exploration, early development of newly discovered fields and strengthening of oil and gas production base. The company is committed to its strategies, which has enabled us to evolve and grow into what we are today and has served us well in addressing the challenges and uncertainties faced by volatile E&P industry. We are confident that the Company has enough inbuilt resilience to weather this volatile industry. The Company recognizes that having right strategies, the right management and the right mindset and attitude is critical in setting the path ahead. We firmly believe that integrity must never be compromised and also believe that both results and the manner in which those results are achieved matter these fundamental beliefs and values form the backbone of our business approach.
As we move a step closer to realizing our vision to be the leading, regional Pakistani E&P Company, recognized for its people partnership and performance, the Company continues to be guided by our shared values. The company is made up of people who share the same vision and apply the same values in pursuing that vision.
Exploration and drilling strategies include maintenance of distinct balance commercial portfolio of exploration blocks in order to hedge risk, expanding exploratory efforts to unexplored and frontier areas, exploring old areas with new ideas and innovations, maintaining committed exploration effort level, acquisition of improved mud technology to reduce down hole problems, use of expendable liner technology in southern fields to improve drill time.
Our strategies to enhance production and reserves concentrate to increase workovers for enhanced production from existing fields, early and expeditious production from discovered oil/gas fields, employing different secondary recovery techniques to optimize production from existing fields, applying improved oil recovery techniques to improve recovery from existing fields and reserves addition through accelerated exploration efforts. During financial year 2007-08 five oil, gas / condensate discoveries were made which added 3.27 million barrels of Oil and 122 Bcf of Gas. Net oil and gas production remained 43,434 BPD and 976 MMCFD respectively. 31 new wells including 13 Exploratory / Appraisal and 18 Development wells were spudded. |
