OGDC Finds Gas Reserves in Balochistan

Balochistan

Earlier today, the Oil and Gas Development Company (OGDC) found gas deposits in investigative well Lakhirud X-1 in Musa Khel district, Balochistan, which will somewhat lessen the import burden.

According to the reports, OGDC Company Secretary Ahmed Hayat Lak said in a notice sent to the Pakistan Stock Exchange (PSX) on Friday that based on logs data, the well was tested at a rate of 2.5 million standard cubic feet per day (mmcfd) of gas and 18 barrels per day of water.

The oil and gas survey firm is the 100% operator of the Lakhriud exploration license. He further added that the finding has opened new opportunities and would add to the hydrocarbon reserves base of OGDC.

OGDC’s share price dropped Rs1.63, or 1.61%, and closed at Rs.99.60 with a volume of 3.39 million shares at the PSX where a majority of listed firms faced selling stress.

The company attained average net crude oil production of 36,221 barrels per day during July-September 2020, net profitable gas production of 904 mmcfd, and net LPG production of 714 tons per day.

The average net realized price of crude oil sold was $38.75 per barrel as against $52.69 per barrel during the corresponding period of last year. The average net realized price of natural gas sold was Rs.411.16 per million cubic feet against Rs.386.60 during the corresponding period of last year. OGDC recorded net sales worth Rs.59.528 billion.

Net profit after taxation during the period was recorded at Rs23.427 billion, translating into incomes per share of Rs5.45.

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