OGDCL Discovers Gas in KPK
By Newztodays Team
The country’s largest exploration and production (E&P) state-owned company, Oil and Gas Development Company Limited (OGDCL), has discovered gas in KPK.
It has hit a big find at the Togh-02 well in Kohat, Khyber Pakhtunkhwa.
In a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday, OGDCL announced the discovery, stating, “By the grace of Almighty Allah, OGDCL, the operator of the Kohat Exploration License, has discovered hydrocarbons in the exploratory segment of the Togh-02 well.”
The well, drilled under Pakistan Petroleum & Exploration Rules, 2001, reached its total depth of 2,600 meters on August 28, 2023.
Following the interpretation of wireline logs, a Cased Hole Drill Stem Test (CHDST-01) was conducted in the Lumshiwal-II Formation, revealing promising results.
The well flowed at a rate of 2.842 million standard cubic feet per day (mmscfd) of gas and 28 barrels per day of condensate (bpdc), with a wellhead flowing pressure of 540 pounds per square inch (PSI) at a 32/64” choke size.
OGDCL highlighted that this discovery expands the hydrocarbon play area in the Togh structure, opening up potential new opportunities. This comes after OGDCL’s previous discoveries of gas and oil reserves in Khairpur district, Sindh.
In its latest financial report, OGDCL posted a profit-after-tax (PAT) of Rs123.3 billion for the half-year ended December 31, 2023, marking a nearly 30% increase from the same period last year. Earnings per share (EPS) rose to Rs28.67 in 1HFY2024 compared to Rs22.09 in the same period last year.
The state-run Oil and Gas Development Company Limited (OGDCL) has set its sights on cranking up crude oil production to 50,000 barrels per day (bpd).
Under the leadership of the newly appointed Managing Director, Ahmed Hayat Lak, OGDCL wasted no time in assembling a top-notch team focused on maximizing production through advanced technology.
This dedicated team is zooming in on individual wells and fields, using modern tech to extract more oil and gas.
OGDCL’s crude oil output, which reached 32,000 bpd by the end of the last financial year, has already surged past 34,000 barrels due to renewed efforts, insiders revealed. And they’re aiming high with a five-year strategy to hit that 50,000 bpd mark.
Adding 2,000 bpd this fiscal year, ramping up to 9,379 bpd by 2024-25, and steadily climbing from there.
This boost in domestic production is a lifeline for Pakistan, especially amidst the ongoing dollar scarcity that’s made it tough to finance imports.
To achieve their ambitious targets, OGDCL is scouting cutting-edge tech worldwide. “We’ve already upped production by 1,200 bpd at the Besakhi field just by installing electrical submersible pumps,” one official shared.
OGDCL is also supporting local industry with an “indigenization unit” aimed at reducing reliance on imports. By partnering with local manufacturers, they aim to slash imports by 25% in the first phase alone, saving precious foreign exchange.
OGDCL’s production optimization initiatives are yielding tangible results. Take the Siab-1 well in Kohat district, for example. Since its debut in January 2022, it’s been a star performer, consistently exceeding expectations.OGDCL Announces Major Gas and Condensate Discovery in Sindh
Initially pumping out 125 bpd of condensate and 6.2 million standard cubic feet per day (mmscfd) of gas, it’s now surpassed all forecasts. Thanks to some rig-less magic, it’s now churning out an extra 265 bpd of oil and 14.3 mmscfd of gas.
And Siab-1 isn’t alone. Other wells like Nim East-1 and Pasakhi-11 are also seeing impressive gains, thanks to strategic interventions and new technology. With each success story, OGDCL gets closer to its goal of securing Pakistan’s energy future.
