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MOL makes big oil find in Pakistan

Company says it's on fast track to production.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   June 10, 2014 at 9:02 AM

BUDAPEST, Hungary, June 10 (UPI) -- Hungarian energy company MOL said Tuesday it made an oil discovery in an area in Pakistan close to estimated reserves of 22 million barrels.

MOL, though the Ghauri joint venture, said it made an oil discovery at the Ghauri X-1 well in Punjab province in Pakistan. It reached a total test flow rate of 5,500 barrels per day and the Hungarian group said initial estimates of the oil in place could be significant.

In the vicinity, the company said, the estimate of reserves in place is 22 million barrels. Oil production from the site could come on stream as early as this month.

The Pakistani Ministry of Petroleum and Natural Resources said total oil production from 2012-13 averaged just over 70,000 bpd.

The government says it needs to explore, develop and exploit its petroleum resources in order to rely less on foreign supplies to meet its energy needs.

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