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The Oil and Gas Development Company Limited (OGDCL) of Pakistan has found new deposits of oil and gas in Khyber-Pakhtunkhwa. according to a bourse filing on Saturday.
OGDCL. the operator of the joint venture in Baratai Block in the province with 97.5 per cent stake. has drilled down to a depth of 5.014 meters in the exploratory Dhok Hussain well # 01 and tested hydrocarbons.
Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) holds the remaining 2.5 per cent stake in the joint venture.
“The well has tested 15.40 mmscfd (million standard cubic feet per day) of gas and 360 barrels per day of condensate (crude oil).“ Company Secretary Ahmed Hayat Lak said in a notification to the Pakistan Stock Exchange (PSX). OGDCL’s share price inched down 0.02 per cent. or Rs0.04. to Rs162.79 with a volume of 1.21 million shares at the PSX on Saturday.
The structure of the well was drilled and tested using OGDCL’s in-house expertise. the operator stated.
“The discovery of Dhok Hussain well is the result of an aggressive exploration strategy adopted by the company. It has opened new avenues and would add to the hydrocarbon reserves base of OGDC and the country.“ he said.
Domestic production meets some 30 per cent of the demand for oil and around 70 per cent for gas in the country. The rest is met through imports. OGDCL remains the country’s largest oil and gas exploration firm. “The new discovery would add Rs0.33 per share to the company’s bottom-line (net profit) on an annualised basis. assuming oil price remains at $55 per barrel and rupee-dollar parity at Rs110 for US dollar.“ Taurus Securities said in a note to clients.
Meanwhile. US oil prices rose above $60 a barrel on the final trading day of the year. touching their highest since mid-2015. as an unexpected fall in American output and a decline in commercial crude inventories stoked buying in generally thin trading.
