May 30, 2024 (MLN): Pakistan’s Oil and Gas Development Co. (PSX: OGDC), the nation’s largest energy explorer, intends to raise production in coming years, in a plan largely driven by getting more out of its existing wells, as Bloomberg reported.
The Islamabad-based company is targeting oil production of about 50,000 barrels a day in the next four or five years, from 33,000 barrels currently, Chief Executive Officer Ahmed Hayat Lak said in an interview.
The goal is for natural gas production to climb above 900 million cubic feet a day, from 720m.
Pakistan imports most of its energy needs and has seen a drop in production in recent years due to aging fields.
The country’s petroleum minister has said the nation’s gas production is declining by as much as 10% a year.
Oil and Gas Development contributes 46% of the country’s total oil production and 28% of its gas.
The explorer is engaged in a production optimization program, which is designed to reverse “the story of decline in terms of production numbers,” Lak said. “After a long, long time, the company is expected in terms of its production numbers to do better.”
The state-owned company also has a stake in a gold and copper project that’s being eyed by Saudi Arabia for a minority holding.
Lak said he expects the company to hold onto some of its shares in the event of a deal.
