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Capital intensive
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Binary (success or zero)
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Long-cycle bets
Onshore gas wells like Biltang-1 are:
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Lower cost
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Incremental
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Repeatable
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Cash-flow friendly
Pakistan does not need to choose between the two—but onshore gas is where near-term energy security is actually built.
The Economics: Conservative, Boring, Profitable
Let’s strip out emotion and run cautious numbers.
Assumptions
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Tested rate: 1.58 MMSCFD
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Sustainable rate (downtime adjusted): 1.3 MMSCFD
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POL share (25%): 0.325 MMSCFD
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Annual gas volume: ~119 MMSCF
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Gas price: PKR 3,000/MMBtu
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Royalty (~12.5%): Net PKR 2,625/MMBtu
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Corporate tax: ~29%
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Operating costs: Low
Result
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Annual revenue (POL share): ~PKR 312 million
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Estimated net profit: ~PKR 220 million
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Shares outstanding: ~215 million
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EPS uplift: ~PKR 1 per share
This is not upside optionality.
This is base-case accretion.
Gas wells do not need to impress Twitter.
They need to pay dividends.
Technical Reality Check: Pressure, Flow & the Acid Job
Critics are correct on one technical point:
