The Manzalai-08 and Manzalai-10 well locations in Hangu District had their production temporarily shut down, according to MOL Pakistan Oil and Gas Company.
According to the company, they remotely shut off the wells in reaction to an armed attack that happened a day earlier.
It was stated that six corporate employees, unfortunately, perished in the tragedy despite their valiant efforts to survive.
MOL
Despite the attack, the business gave the assurance that the installations were secure.
MOL Pakistan Oil and Gas Company is an affiliate of the MOL company in Hungary.
The company stated in a stock filing:
“Both the wells had to be shut down from Central Control Room to avert any damage from the firing causing production curtailment of approximately four (04) MMscfd of gas and 24 barrels per day of oil.”
In addition, MOL Pakistan clarified that all the plants and field installations remained unharmed, and the production of hydrocarbons from the remaining wells is operating normally.
The company swiftly confirmed that none of its MOL personnel were present at the attack site.
Pakistan Oil and Gas
Ismail Iqbal Securities’ head of research, Fahad Rauf, noted that Pakistan’s oil and gas output had been declining as a result of a number of issues, including the lack of significant discoveries, insufficient security measures, mounting debt problems, and a lack of local technical expertise.
He added that gas production fell by 14% during the same time period, while oil production fell by 18% between 2019 and 2022.
“The country has exploited much of the existing producing areas but is not able to explore belts near the Afghan border due to the security situation,” he stated.
He claimed that while exploration and international investment had increased in the Waziristan region, the situation had gotten worse after the US had left Afghanistan.
With international companies leaving, he claimed that “despite having one of the highest shale reserves in the world, Pakistan lacks the expertise and funds to tap unconventional reserves.”
