Two new Oil and Gas reserves discoveries made in Pakistan
ISLAMABAD - Oil and Gas Development Company Limited (OGDCL) has drilled 11 new wells, including six exploratory/ appraisal and five development wells, and made two discoveries during three quarters of the current fiscal year.
The company’s exploratory efforts yielded two oil and gas discoveries namely Chanda-1 and Mela-5 both in Kohat district of Khyber Pakhtunkwa from where cumulative daily production of 795 barrels (bbl) of oil and 2.45 million cubic feet (mmcf) of gas was expected, according to the company’s 3rd quarterly financial report available with APP.
During the period, the OGDCL’s net sales increased to Rs 192.047 billion as compared to Rs 147.712 billion in the corresponding period last year.
While, net profit after taxation stood at Rs 85.312 billion against Rs 56.821 billion of nine months of the last year.
The company, being the country’s leading oil and gas Exploration Company, has completed 707 Line Kms of 2D and 620 Sq. Kms of 3D seismic surveys during the period under review.
The company’s net crude oil production stood at 40,952 bbl per day, net gas production of 1,010 mmcf per day, net LPG production of 819 metric ton (mt) per day and net Sulphur production 63 mt per day.
With a portfolio of 42 exploration licences, the company has the largest exploration acreage in Pakistan, covering 23 percent of the total awarded acreage as of March 31, 2019. Currently, all production volumes are being realized from onshore areas of Pakistan, however, the company also has working interests in offshore exploration blocks.
Despite natural decline and short lifting of crude oil by refineries at Kunnar, KPD-TAY, Nashpa and TOC fields owing to pile-up of furnace oil stock, OGDCL’s average net saleable crude oil production clocked at 40,952 barrels per day.
Likewise, the company’s average net saleable gas production remained steady at 1,010 mmcfd per day during the last nine months.
Meanwhile, the company has announced another discovery in Tando Muhammad Khan district of Sindh province, where the initial well test indicated 10.44 mmcfd gas and 120 barrels per day condensate oil.