February 14, 2024 (MLN): Oil & Gas Development Company Limited (PSX: OGDC) has announced the commencement of production from well Chak 63-2 in Chak 63 D&PL, Sanghar, as revealed by the company in its latest post on X (Formerly known as Twitter).
The well is contributing 525 BPD Oil, while 2.25 Million Standard Cubic Feet Per Day (MMSCFD) gas is being processed at Sinjhoro Gas Processing Plant.
Additionally, 7 MTD LPG is also being recovered by the company.
This development is expected to bring positive winds to the nation, potentially reducing import bills by around $30 million.
The company’s scrip along with other entities in the oil and gas sector was suffering due to the negative perception being created regarding the Circular Debt Reduction and Tariff Rationalization Plans.
Despite the government on Sunday dismissing these negative prospects, OGDC continues to experience a decline in its share price.
At the time of writing, the company’s scrip is being traded at Rs121.8, down by 1.92% compared to the previous closing.
OGDCL announced commencement of production from well Chak 63-2 in Chak 63 D&PL, Sanghar. The well is contributing 525 BPD Oil, while 2.25 MMSCFD Gas is being processed at Sinjhoro Gas Processing Plant. Additionally, 7.0 MTD LPG is being recovered. This will reduce Pakistan's… pic.twitter.com/MKRTDxer03
— Oil & Gas Development Company Limited (OGDCL) (@ogdclofficial) February 13, 2024
