PESHAWAR: Massive oil and gas reserves have been discovered in the Baratai block well near Kohat district, Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) announced on Saturday.

The company, which entered into a joint venture for the project, said the well will produce about 30mmcfd of gas and 700 barrels of crude oil.

KPOGCL Chief Executive Officer, Raziuddin described the Baratai discovery as a landmark achievement. KPOGCL is the first provincial holding oil and gas company to start its production. The discovery will generate Rs1 billion per annum revenue for the provincial government in the form of royalty.

The strategically important 969-megawatt Neelum-Jhelum hydroelectric power project achieved yet another landmark on its way towards completion as water filling (pressurisation) in its waterway comprising 51.5km-long tunnels commenced on Saturday. Being a critical activity, the water filling is being carried out in a phased manner. In the first phase, water is being filled at the tail end.

Speaking on the occasion, Neelum-Jhelum Chief Executive Officer Muhammad Zareen said the project was fast heading towards completion and most of the work — critical in nature — had been completed successfully.