OGDCL: New well may start production this quarter
Well is expected to lift Mela field’s oil production by 1,800-2,000 barrels bpd to 6,500 bpd, said a press release.
ISLAMABAD:
The Oil and Gas Development Company Limited (OGDCL) expects Mela-03 appraisal well to start production this quarter.
The well is expected to lift Mela field’s oil production by 1,800-2,000 barrels per day (bpd) to 6,500 bpd, said a press release. OGDCL is the operator of Mela field with a 56 per cent stake while the other major company is Pakistan Petroleum Limited (PPL) which holds a 26 per cent stake. As per estimates, this will improve full-year earnings of OGDCL and PPL by Rs0.21 and Rs0.42 per share, respectively, the release said.
It said Nashpa-02 appraisal well is also expected to come online by the fourth quarter (April-June) of financial year 2011. This will add 1,000-1,500 bpd to the existing oil production of 6,000 bpd.
The impact on annualised earnings in this case will be Rs0.16 and Rs0.31 per share for OGDCL and PPL respectively.
Published in The Express Tribune, January 27th, 2011.
The Oil and Gas Development Company Limited (OGDCL) expects Mela-03 appraisal well to start production this quarter.
The well is expected to lift Mela field’s oil production by 1,800-2,000 barrels per day (bpd) to 6,500 bpd, said a press release. OGDCL is the operator of Mela field with a 56 per cent stake while the other major company is Pakistan Petroleum Limited (PPL) which holds a 26 per cent stake. As per estimates, this will improve full-year earnings of OGDCL and PPL by Rs0.21 and Rs0.42 per share, respectively, the release said.
It said Nashpa-02 appraisal well is also expected to come online by the fourth quarter (April-June) of financial year 2011. This will add 1,000-1,500 bpd to the existing oil production of 6,000 bpd.
The impact on annualised earnings in this case will be Rs0.16 and Rs0.31 per share for OGDCL and PPL respectively.
Published in The Express Tribune, January 27th, 2011.