OGDCL announces new oil and gas reserves discovery in Pakistan

OGDCL announces new oil and gas reserves discovery in Pakistan
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ISLAMABAD - Oil and Gas Development Company Limited (OGDCL) has made another discovery of oil and gas deposits in Kohat, Khyber-Pakhtunkhwa (K-P), stated a stock exchange notice sent on Tuesday.

OGDCL is a state-owned firm, which remains the single largest oil exploration company listed at the Pakistan Stock Exchange (PSX). ------------------------------

Oil and Gas Development Company Limited (OGDC) as the operator, in a joint venture with Mela D&PL (56.45%), Pakistan Petroleum (PPL) (28.55%) and Government Holdings Private Limited (15%) has discovered Oil and Gas from the Well Mela #05, which is located in District Kohat, Khyber Pakhtoonkhwa.

This is the first discovery of Crude Oil and Gas from “Samanasuk Formation” in Mela Oilfield.

The structure of Mela Well #05 was drilled and tested using OGDCL’s in-house expertise. The well was drilled down to a depth of 5070 meters. The test resulted in 95BPD of Crude Oil and 0.249 MMSCFD of gas through 32/64” choke at wellhead flowing pressure of 160-67 Psi from Samanasuk formation.

The discovery of Mela #05 is the result of an aggressive exploration strategy adopted by the company. This has opened a new avenue and would add to the hydrocarbon reserves of OGDCL and of the country.

OGDCL’s script at the bourse was trading at Rs 153.30, up by Rs 0.72 with a turnover of 1.77 million shares.

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