ISLAMABAD – OGDCL has shut down media reports of discovering huge oil andgas reserves in Sindh.
In a notification link toPakistan Stock Exchange, the company revealed that the informationcirculating in the media is factually incorrect. It has neither shared anyinformation in this regard nor has the company far drilled a shale well.
The media report said that OGDCL had found 95 trillion cubic feet (TCF) ofshale gas and 14 billion stock tank barrel (BSTB) tight oil reserves, thatwere enough to meet the country’s requirement for the next 90 years, whichturned out to be fake.
This 95 TCF amount is Pakistan’s actual shale and tight gas reserves. Theoil/gas exploring company’s shares rose in early morning trading but itlost the gains after Bloomberg reported the news about the discovery beingfake.
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OGDC is still working on a Shale Pilot Project which includes drilling of ashale well at a future date, said the company.
The company noted that it disseminates all material information to relevantstakeholders including Pakistan Stock Exchange and London Stock Exchange asper compliance and regulatory requirements.
