Pakistan’s largest oil and gas company, the Oil & Gas Development Company Limited (OGDCL), recently announced a significant oil and gas discovery at the Khewari block in Sindh. The company notified the Pakistan Stock Exchange about their findings, revealing that they successfully drilled a well named Kharo-1, leading to the discovery of substantial gas and condensate reserves.
OGDCL, with a 95% stake in the Khewari Block, conducted drilling and testing operations at the Kharo-1 well, reaching a depth of 3,762 meters. The exploration yielded promising results, with an estimated production rate of 14.3 million standard cubic feet per day (MMSCFD) of gas and 93 barrels per day (bbls/d) of condensate.
This discovery is expected to bolster OGDCL’s and its partners’ oil and gas reserves, thereby enhancing Pakistan’s energy resources. Additionally, it signifies a positive development in the country’s efforts towards energy sustainability and security.
In related news, the Government of Pakistan has granted exploration licenses to OGDCL and other companies for eight blocks, including Kotra East, Murradi, Sehwan, and Zindan-II. This move aims to encourage further exploration activities and expand the country’s energy portfolio.
OGDCL’s financial performance for the first quarter of FY24 (ending on 30th September 2023) reflects its robust position in the market. The company reported net sales amounting to Rs 120.141 billion during this period, along with a profit before taxation of Rs 86.174 billion. These figures underscore OGDCL’s significant contribution to Pakistan’s economy and its continued growth trajectory in the oil and gas sector.
OGDCL’s recent discoveries and exploration efforts, coupled with its strong financial performance, highlight its pivotal role in advancing Pakistan’s energy landscape and fostering economic development.
