March 07, 2023 (MLN): Oil and Gas Development Company Limited (OGDCL) has drilled four exploratory wells and made three discoveries in the Punjab and Sindh provinces of Pakistan in the first half of the fiscal year 2022-23.
The new discoveries have an expected production potential of 3,007 barrels per day of oil and 2.7 million cubic feet per day of gas.
According to the company's first-half financial report, OGDCL completed the drilling and testing of six wells related to the previous fiscal years. During the period, the company produced 33,061 barrels per day of oil, 772 million cubic feet per day of gas, and 730 tons per day of liquefied petroleum gas, witnessing a slight decline compared to the same period of the previous year due to certain reasons.
OGDCL is Pakistan's flagship company in the Exploration and Production sector, and it aims to play a vital role in enhancing the country's energy security. From July 2022 to December 2022, the company contributed 46%, 29%, and 37% towards the country's total oil, natural gas, and LPG production, respectively.
As of December 31, OGDCL operated 49 exploration blocks, of which 23 were with 100% share and 26 under joint ventures.
