The Oil and Gas Development Company Limited (OGDCL) has made another finding. New oil and gas reserves are discovered in Kohat—Khyber Pakhtunkhwa (K-P), as mentioned in a stock exchange notice which was sent on Tuesday.
OGDCL is a government-owned company and is the sole largest oil exploration firm listed at the Pakistan Stock Exchange (PSX).
The Oil and Gas Development Company Limited in a combined project with the Mela D&PL (56.45 per cent), Government Holdings Private Limited (15 per cent) and Pakistan Petroleum Limited (PPL) (28.55 per cent) has found oil and gas deposits from the Well Mela Number five (#05), which is situated in the Kohat district of Khyber Pakhtunkhwa.
This discovery could be considered as the first ever finding of crude oil and gas from the Samanasuk Formation in the Mela Oilfield.
The structure of Mela Well #05 was bored and tested via making use of the OGDCL’s in-house professional help and techniques. The well was penetrated down to the depth of five thousand and seventy meters. The investigation resulted in 95BPD of crude oil and 0.249 MMSCFD of gas via thirty-two by sixty-four-inch choke at the wellhead flowing pressure of 160psi to 167psi from the Samanasuk formation.
The finding of Mela #05 is the result of a violent investigation strategy adopted by the company. This discovery has opened new paths and would add to the hydrocarbon reserves of OGDCL and of Pakistan.
The Oil and Gas Development Company Limited’s writing at the stock market was trading at rupees 153.30, elevated by rupees 0.72 with a turnover of 1.77 million shares.