Two new Oil and Gas discoveries made in Pakistan

Two new Oil and Gas discoveries made in Pakistan

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ISLAMABAD: Oil and Gas Development Company Limited(OGDCL) has drilled six new wells and made two discoveries during first half of the current fiscal year.

Out of the total new drills, three were exploratory/appraisal wells and three were development wells. While, the company’s exploratory efforts yielded two new oil and gas discoveries namely Chanda-1 and Mela-5 in Kohat district of Khyber Pakhunkhwa province, according to the OGDCL’s financial report available with APP.

During the period under review, the company’s net sales stood at Rs 126.898 billion as compared to Rs 95.960 billion in the corresponding period last year.

Whereas, its net profit after taxation remained Rs 56.756 billion against Rs 36.672 billion in the preceding period translating into earnings per share of Rs 13.20.

The company’s average net realized price of crude oil sold was $62.22/ bbl (barrels) as compared to $ 48.69/ bbl, while net realized price for natural gas sold stood at Rs 317.33/mcf (million cubic feet) during same period of the year 2017-18.

Besides, the OGDCL has completed 584 Line Kms of 2D and 394 Sq. Kms of 3D seismic surveys in different hydrocarbon potential areas of the country.

During the period under review, the company’s net crude oil production remained 40,846 bbl per day, net gas production stood at 990 MMcf per day and net LPG production 798 Metric Tons per day.

“The company, during the six months period contributed around 46per cent and 29 per cent of the country’s total oil and natural gas production, respectively.”

The OGDCL holds largest portfolio of recoverable hydrocarbon reserves of Pakistan, at 32 per cent of gas and 55 per cent of oil, respectively as of June 30, 2018.

It contributed 29 per cent of the country’s total natural gas production and 46 per cent of its total oil production from July 2018 to December 2018.

With a portfolio of 46 exploration licences, the company has the largest exploration acreage in Pakistan, covering 26% of the total awarded acreage as of December 31, 2018.