Petroleum Exploration (Pvt) Ltd. (PEL), one of the leading upstream E&P companies of Pakistan is pleased to
announce that it has made a significant oil & gas discovery at its exploration well Wasu-1 at Badin IV North
Exploration License, in the province of Sindh.
Under the visionary leadership of its late founding chairman, Mr. Zaheeruddin and late founding directors,
Mr. Mohammad Kausar and Mr. Zafar Iqbal, PEL embarked on an ambitious exploration journey that has now
culminated in the unearthing of substantial hydrocarbon deposits. This discovery is a testament to the
dedication, expertise, and perseverance of the PEL's team, whose relentless efforts have led to this
extraordinary find.
Director Operations of Petroleum Exploration (Pvt) Ltd., Mr. Shahbaz Zaheer while talking to this scribe
said: "We are pleased with the positive results of the well. It will provide the drive for PEL to continue
exploring in the Lower Indus Basin, which is one of our focus basins in Pakistan. We look forward for
further successful collaborations with our JV Partner and to further strengthen our relationship with the
Government of Pakistan. PEL, as the leading Operator in the E&P sector of Pakistan, would like to ensure its
progress towards delivering clean and reliable energy in the market in the larger national interest"
Badin IV North Exploration License covering an area of 877.14 Sq. Km, is located in Badin and Tando Muhammad
Khan Districts, Sind Province. It is situated within the prospective Lower Indus Basin, where several major
hydrocarbon discoveries have been made. Wasu-1 exploratory well was spud on 23rd March 2024 and was
successfully drilled down to a total depth of 2420m on 5th April 2024.
Wasu-1 exploratory well encountered several hydrocarbon-bearing zones with good reservoir quality in the
Middle Sands of Lower Goru Formation. The well tested with 7.74 MMSCFD (million standard cubic feet per day)
of gas, 500 barrels of oil per day and 104 BPD of water production at a flowing well head pressure of 1668
psi on 32/64" choke. This is the first oil discovery of PEL and will help the energy sector to abridge the
demand and supply gap.
In a recent statement, Director Mr. Moeenuddin expressed profound elation, stating, "This discovery is a
matter of great celebration not only for PEL but also for our beloved country. It showcases our nation's
inherent potential and positions us prominently on the global energy map.
It is pertinent to mention that Petroleum Exploration (vt) Ltd is a 100% Pakistani Company that is
aggressively engaged in oil & gas exploration and production in the province of Sindh.
The exploration and production assets of the Company include 8 Development and Production Leases, 1 Mining
Lease, 10 onshore licenses and an offshore exploration license located in the ultra-deep waters of the
Arabian Sea. Besides the Company has expended its exploration horizon to overseas. It has 3 blocks in the
Kingdom of Morocco where it is exploring hydrocarbons in joint venture with the Moroccan state oil company,
ONHYM.
Mr. Shahzad Zaheer, Chairman & Chief Executive of PEL, appreciated the support and cooperation of the
Government of Pakistan which made this discovery possible. He further appraised that his Company is
committed to building a strong indigenous base of oil and gas exploration and so as, which will to
contribute in taking the country on the path of self-sufficiency in the oil and gas sector. He affirmed his
commitment to fulfilling all obligations towards the Government of Pakistan, and expressed privilege in
being able to contribute to Pakistan's growth and energy security.
The Chairman, management and senior executives of PEL celebrate this landmark achievement and extend its
gratitude to the Government of Pakistan, regulatory authorities, industry partners, and local communities
for their unwavering support and cooperation throughout this journey.
