ISLAMABAD – The Oil and Gas Development Company Limited (OGDCL) drilled 12exploratory and development wells and made three discoveries during firstsix months of the current financial year.
APP reported that the company’s exploratory efforts yielded three oil andgas discoveries namely:
Pandhi-1 in district Sanghar, Sindh province, Togh-1 and Chanda-5 indistrict Kohat, KPK province,
Having cumulative daily production potential of 22 Million Cubic Feet(MMCF) gas and 836 barrels of oil.
“Preliminary reserve estimates are 42.26 billion cubic feet of gas and 1.50million barrels of oil, combined 9.37 million barrels of oil equivalent,according to the company’s 2nd quarterly report for the year 2019-20.
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During the period under review, the company had acquired 1,503 LineKilometers (LKMs) of 2D seismic data, while its net crude oil productionstood at 38,084 barrels per day, net gas production at 910 MMcf per day andLPG production at 747 Metric Tons per day.
The OGDCL’s net sales increased to Rs 133.441 billion from Rs 126.898billion in the corresponding period last year.
The company’s net profit, after taxation, remained Rs 53.184 billion, whichwas Rs 56.756 billion in the preceding period “translating into Earningsper Share of Rs 12.37.”
