The early Eocene carbonate reservoir, Sui Main Limestone (SML), is the largest gas reservoir in Pakistan. In the Qadirpur area, more than 30 wells have been drilled, some of which have been declared dry or abandoned due to poor reservoir characteristics or facies variation. The aim of this work is to re-evaluate the reservoir characteristics and facies identification of Sui Main Limestone by using petrophysical analysis and rock physics modeling in the Qadirpur field in the Middle Indus Basin of Pakistan. The reservoir characterization of carbonate rocks is difficult because of their complex pore networking. The well data on five exploratory wells drilled in this gas field are used. The log-derived porosity varies in a very large range of 2%–36%, with an average of 14%–34%. The average porosity of the clean carbonate intervals is 10%–14% and thus has the capacity to accumulate hydrocarbon. The high porosity value indicates the presence of micro-fractures in Sui Main Limestone. These micro-fractures and secondary pores are well interconnected and allow the pore fluids to communicate. The secondary porosity is mainly due to the presence of vuggs and fractures in Sui Main Limestone. The volume of shale varies from 11%–38% in the wells. The net pay zones have hydrocarbon saturation in the range of 40%–70%, which is mainly gas. Using wireline log response, the formation is divided into three facies: limestone, shale, and shaly limestone. This comprehensive work may help improve the prediction of the reservoir quality in heterogeneous carbonate reservoirs and optimize field development.