OGDCL completes testing of seven drills in Q1

Oil and Gas Development Company Limited (OGDCL) has spud two new wells, completed testing of seven previous drills and injected a well, having gross production of 154 Million Cubic Feet (MMCF) gas, in its producing gathering system during first quarter of the fiscal year 2019-20.

The company acquired 556 Line-Kilometer 2D seismic data with an aim to unlock value in the operated assets. "The OGDCL's seismic data acquisition is 85 percent of the country's total 2D survey statistics," the company said in its quarterly report.

Besides, the company processed/reprocessed as many as 689 Line-KM of 2D seismic data using in-house resources.

During period, the company's exploratory endeavours yielded three oil and gas discoveries, having cumulative daily production potential of 22 MMcf of gas and 826 barrels of oil, namely Pandhi-1 in Sanghar district, Sindh, Togh-1 and Chanda-5 in Kohat district of Khyber Pakhtnukhwa province.

"The discoveries, preliminary reserve estimated are 41.86 billion cubic feet of gas and 1.56 million barrels of oil, combined 9.30 million barrels of oil equivalent," the report said.

The company's average net crude oil production stood at 40,729 barrels per day, net

the gas production at 1,044 MMCF per day and net Liquefied Petroleum Gas (LPG) production at 771 M. Tons per day during the period under review

The OGDCL, being the flagship carrier of exploration and production sector in Pakistan, is making efforts to intensify field development activities, completion of ongoing development projects and utilization of latest production techniques to maintain and augment oil and gas output.

"In this respect, the company during the three months period contributed around 47 percent and 29 percent of the country's total oil and gas production respectively," the report said.