Islamabad September 25 2024: Oil and Gas Company Limited, the largest oil and gas exploration and production company of Pakistan, finds 10 Million Standard Cubic Feet per Day of gas in the province of Sindh, according to company filing to the exchange.
The stock has provided return of 44.6 percent since January 2024, according to Pakistan Stock Exchange data.
announce that Sawan South Joint Venture, comprising Oil and Gas Development Company Limited (OGDCL) (20% working interest), United Energy Pakistan Limited (UEPL), the Operator (75%), Government Holding Private Limited (GHPL) (2.5%) and Sindh Energy Holding Limited (SEHL), (2.5%) has discovered gas from Lower Gour B Reservoir Sand of Akhiro-1 well located in district Khairpur, Sindh Province.
The well was spudded-in on June 15, 2024 and has been successfully drilled down to the depth of 12,442 ft MD. The well was tested successfully at the rate around 10 Million Standard Cubic Feet per Day (MMSCFD) gas at choke size 24/64″ at Wellhead Flowing Pressure (WHFP) of 4000 Pounds per Square Inch (Psig).
The new discovery has de-risked further exploration play in Sawan South Block. The said discovery will also help and contribute towards improving energy security of the country from indigenous resources and add to the hydrocarbon reserves base.
During fiscal year 2024, that runs from July to June, OGDCL spud 13 wells (FY 2022-23: 10 wells) including 7 exploratory wells; Kharo-1, Bettani Deep-1, Walidad-1, Soghri North-1, Chak 202-1, Kandewaro-1 and TAY North East1 and 6 development wells; Togh-2, Sono-9, Kunnar West-3, Baloch-2, Uch-35 and Uch-36. Moreover, drilling and testing of 2 wells pertaining to previous fiscal year was also completed. Total drilling recorded during the reporting period was 38,488 meters (Fiscal Year 2022-23: 33,192 meters).
OGDCL’s exploratory efforts to locate new reserves during the fiscal year 2024 under review yielded 5 gas condensate discoveries viz., Chak 214-1 in district Rahim Yar Khan, Punjab, Dars West-2 in district Tando Allah Yar, Kharo-1 in district Khairpur and Nur West-1 in district Sujawal, Sindh and Togh-2 in district Kohat, KP (Fiscal Year 2022-23: 3 discoveries). The expected combined daily production potential of these discoveries is 481 barrels of oil and 28 MMcf of gas.
Being the market leader in E&P sector of Pakistan, OGDCL holds the largest exploration acreage which as of 30 June 2024 stood at 99,268 sq. km representing 39% of the Country’s total area under exploration (source: PPIS). During the year under review, 6 operated and 4 non-operated exploration blocks were awarded to the Company. Currently, Company’s exploration portfolio comprises 54 100%-owned as well as operated JV exploration licenses. Additionally, the Company possesses working interest in 13 exploration blocks operated by other E&P companies.
