Makori Deep-03 Discovery: A Game-Changer for Pakistan’s Energy Independence
On June 27, 2025, the Makori Deep-03 well in the TAL Block, Karak district, Khyber Pakhtunkhwa, Pakistan, was announced as a significant hydrocarbon discovery. Operated by MOL Pakistan and involving stakeholders OGDCL, PPL, POL, and GHPL, this development is expected to enhance Pakistan’s domestic energy capacity, reduce import bills, and stabilize energy supply.
Overview
- Location: TAL Block, Karak district, KP
- Well Depth: 3,887 meters
- Yield:
- 2,112 barrels/day of condensate
- 22.08 MMSCFD of natural gas
- Timeline: Production to begin by August 2025
Stakeholders and Interests
- MOL Pakistan: Operator, 10%
- OGDCL: ~30% (pre-discovery 27.763%)
- PPL: ~30% (pre-discovery 27.76%)
- POL: ~21.05% (pre-discovery 25%)
- GHPL: 5%
Strategic Impact
- Reduces reliance on imports (85% of crude, 29% of gas, $14.5B/year)
- Eases pressure on forex reserves ($9.1B as of June 2025)
- Enhances energy security and stability
Financial Implications
- Condensate Revenue: $52.7M annually (at $68.5/bbl)
- EPS Impact:
- OGDCL: PKR 0.66–0.70
- PPL: PKR 1.00–1.05
- POL: PKR 7.25–7.64
Challenges
- Infrastructure delays
- Security threats in KP
- LNG oversupply reducing demand
- Fuel price hikes and regulatory shifts
Broader Significance
- Encourages further exploration in TAL Block
- Complements international ventures (e.g., Offshore Block 5 in Abu Dhabi)
- Supports PSX bull run and investor confidence
FAQs
| Question | Answer |
| What is Makori Deep-03? | A hydrocarbon well in the TAL Block yielding 2,112 BPD condensate & 22.08 MMSCFD gas. |
| Who operates it? | MOL Pakistan with a 10% stake. |
| When does production begin? | August 2025 (estimated). |
| What is the financial impact? | ~$52.7M in annual condensate revenue; EPS boost for stakeholders. |
| How deep is the well? | 3,887 meters. |
| What are the main companies involved? | MOL, OGDCL, PPL, POL, GHPL. |
| Will this reduce imports? | Yes, it reduces crude & LNG import dependency. |
Comparison Tables
Stakeholders’ Working Interests
| Company | Pre-Discovery | Post-Discovery | Role |
| MOL Pakistan | 10% | 10% | Operator |
| OGDCL | 27.763% | ~30% | Technical Leader |
| PPL | 27.76% | ~30% | Technical Partner |
| POL | 25% | ~21.05% | High EPS Impact |
| GHPL | 5% | 5% | Govt Stakeholder |
Financial Impact Estimates
| Company | Stake | Revenue (Est.) | EPS Impact |
| OGDCL | ~30% | $15.8M | PKR 0.66–0.70 |
| PPL | ~30% | $15.8M | PKR 1.00–1.05 |
| POL | ~21.05% | $11M | PKR 7.25–7.64 |
Summary
Discovery: Makori Deep-03 Oil & Gas Discovery
Location: TAL Block, Karak, KP
Date: June 27, 2025
Production: 2,112 BPD condensate, 22.08 MMSCFD gas
Depth: 3,887 meters
Start of Production: August 2025 (expected)
Operator: MOL Pakistan (10%)
Stakeholders: OGDCL (~30%), PPL (~30%), POL (~21.05%), GHPL (5%)
EPS Impact: POL (PKR 7.25–7.64), PPL (PKR 1.00–1.05), OGDCL (PKR 0.66–0.70)
Impact: Reduces imports, boosts energy security, investor confidence high on PSX
Import Reduction Potential
| Product | Current Imports (2024) | Potential Savings Post-Discovery |
| Crude Oil | 169,000 BPD | 2,112 BPD from Makori (~1.2% savings) |
| LNG | $3.5 billion | Reduced due to 22.08 MMSCFD gas |
| Total Fuel Imports | $14.5 billion | Gradual annual savings expected |
Market Cap Movement After Announcement (June 27, 2025)
| Company | Market Cap (USD) | Movement |
| OGDCL | $3.35 billion | ↑ Positive |
| PPL | $1.64 billion | ↑ Positive |
| POL | $1+ billion | ↑ Highest EPS Impact |
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