Why Pakistan Oilfields Limited’s Biltang-1 Gas Discovery Could Quietly Trigger Pakistan’s Next Energy Shift in 2026

The Economics: Conservative, Boring, Profitable

Let’s strip out emotion and run cautious numbers.

Assumptions

• Tested rate: 1.58 MMSCFD

• Sustainable rate (downtime adjusted): 1.3 MMSCFD

• POL share (25%): 0.325 MMSCFD

• Annual gas volume: ~119 MMSCF

• Gas price: PKR 3,000/MMBtu

• Royalty (~12.5%): Net PKR 2,625/MMBtu

• Corporate tax: ~29%

• Operating costs: Low

Result

• Annual revenue (POL share): ~PKR 312 million

• Estimated net profit: ~PKR 220 million

• Shares outstanding: ~215 million

• 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.

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