ISLAMABAD – Oil and Gas Development Company Limited (OGDCL) has drilled 11new 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 discoveriesnamely Chanda-1 and Mela-5 both in Kohat district of Khyber Pakhtunkwa fromwhere cumulative daily production of 795 barrels (bbl) of oil and 2.45million cubic feet (mmcf) of gas was expected, according to the company’s3rd quarterly financial report available with APP.
During the period, the OGDCL’s net sales increased to Rs 192.047 billion ascompared to Rs 147.712 billion in the corresponding period last year.
While, net profit after taxation stood at Rs 85.312 billion against Rs56.821 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 surveysduring the period under review.
The company’s net crude oil production stood at 40,952 bbl per day, net gasproduction 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 largestexploration acreage in Pakistan, covering 23 percent of the total awardedacreage as of March 31, 2019. Currently, all production volumes are beingrealized from onshore areas of Pakistan, however, the company also hasworking interests in offshore exploration blocks.
Despite natural decline and short lifting of crude oil by refineries atKunnar, KPD-TAY, Nashpa and TOC fields owing to pile-up of furnace oilstock, OGDCL’s average net saleable crude oil production clocked at 40,952barrels per day.
Likewise, the company’s average net saleable gas production remained steadyat 1,010 mmcfd per day during the last nine months.
Meanwhile, the company has announced another discovery in Tando MuhammadKhan district of Sindh province, where the initial well test indicated10.44 mmcfd gas and 120 barrels per day condensate oil.