OGDCL achieves big milestone in Oil and Gas Reserves discovery in Pakistan

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OGDCL achieves big milestone in Oil and Gas Reserves discovery in Pakistan

ISLAMABAD - The Oil and Gas Development Company Limited (OGDCL) drilled 12 exploratory and development wells and made three discoveries during first six months of the current financial year.

APP reported that the company’s exploratory efforts yielded three oil and gas discoveries namely:

Pandhi-1 in district Sanghar, Sindh province, Togh-1 and Chanda-5 in district 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 1.50 million barrels of oil, combined 9.37 million barrels of oil equivalent, according to the company’s 2nd quarterly report for the year 2019-20.

During the period under review, the company had acquired 1,503 Line Kilometers (LKMs) of 2D seismic data, while its net crude oil production stood at 38,084 barrels per day, net gas production at 910 MMcf per day and LPG production at 747 Metric Tons per day.

The OGDCL’s net sales increased to Rs 133.441 billion from Rs 126.898 billion in the corresponding period last year.

The company’s net profit, after taxation, remained Rs 53.184 billion, which was Rs 56.756 billion in the preceding period “translating into Earnings per Share of Rs 12.37.”