OGDCL appends 17 new oil and gas wells into the system – Research Snipers

OGDCL appends 17 new oil and gas wells into the system

Pakistan’s state-owned Oil and Gas Development Company (OGDCL) has added 17 new oil and gas wells which have produced 359,267 barrels of crude oil and 9,624 Mmcf of gas so far during the first three quarters of the current fiscal year 2017-18.

This is an addition to the system which was not available in the previous fiscal year 2016-17. According to APP, the new wells include Pakhro-1, Chandio-1, Tandu Allah Yar-1, Moolan-1, Resham-1, Khamiso-1, Daru-1, Dachrapur-3, Pasakhi North-3, Chanda-4, Kunnar Deep-10, Qadirpur-HRL 12&14 and Qadirpur-25A &58.

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According to the sources, during the first three quarters of 2016-17, the company discovered four new oil and gas opportunities, the new discoveries have a potential of accumulated daily production of 47 Mmcf gas as well as 749 barrels of crude oil.

According to the officials at OGDCL, the company’s average daily crude oil production reached 41,509 barrels per day and their average net saleable gas production was measured at 1020 Mmcf per day. Moreover, OGDCL net sales were up from Rs126.630 billion to Rs147.712 billion during the period under review as compared to the previous year’s figures.

Oil and gas Exploration and Production (E&P) companies have plans to drill 90 different wells at various locations in the country during the next fiscal year 2018-19 across the country. According to the plan 50 exploratory plus 40 development wells will be drilled in a bid to make the country self-reliant and self-sufficient in energy.

Answering to the question, OGDCL officials said, the E&P companies drilled over 179 exploratory and 194 appraisal wells which resulted in more than 100 new discoveries during the period of four years which is 80% up as compared to the four years of previous government in power. These 101 new discoveries have an estimated reserve of about 5.4 tcf gas and the estimation of 33 wells as still subjective. As many as 87 discoveries were made in Sindh, 7 discoveries in Punjab and 7 discoveries in KPK.

The government is providing heavy incentives to the E&P companies in order to set up exploration activities, the exploration activities registered are also increased by 80% with 40% success rate.