ISLAMABAD – In a positive development, New Gas and Condensate Reservesdiscovered in Pakistan by OGDCL.
The Oil and Gas Development Company Limited (OGDCL) has made its firstdiscovery of 2020.
In a notification to the PSX, the company has announced the discovery ofgas and condensate in the exploratory well located in Khairpur, Sindh.
The joint venture of Ranipur Block, comprising OGDCL as the operator whichholds 95% working interest along with Government Holdings Private Limited(GHPL) with 2.5% and Sindh Energy Holding Company (Private) Limited (SEHCL)2.5%, has discovered gas and condensate in the exploratory well Metlo 01,which is located in district Khairpur, Sindh.
The notification further reads that Metlo-1 was spud on November 17, 2019and reached a depth of 1504 meters inside Upper Goru Formation. Based onwireline logs, drill stem test (DST) was conducted in Ranikot Formation andSui Main Limestone.
The well has tested for 1.85 million cubit feet per day of gas, 6 barrelsper day of condensate and 38 barrels of water through 32/64” choke atwellhead flowing pressure of 285 pounds per square inch (Psi) from lowerRanikot Formation.
Read Top Stories
The discovery of Metlo-1 is the result of an aggressive explorationstrategy adopted by the company.
It has opened a new avenue and would add to the hydrocarbon reserves baseof the OGDCL, GHPL, SEHCL and the country and will contribute to reducingthe gap between supply and demand of gas in the country through theexploitation of indigenous resources. It is worth mentioning that OGDCL,being the market leader in the E&P sector of Pakistan, holds the largestexploration acreage.
At the time of filing this report, OGDC’s shares at the bourse were tradingat Rs. 143.73, up by 0.48% or Rs. 0.68 with a turnover of 1.46 millionshares on Friday.
