OGDC finds new oil, gas deposits in Sindh

Published: July 25, 2019
OGDCL earnings soar. PHOTO:EXPRESS

OGDCL earnings soar. PHOTO:EXPRESS

KARACHI: Oil and Gas Development Company (OGDC) has found new oil and gas deposits in exploratory well Pandhi No 1, located in Sanghar district of Sindh.

“The well has tested 9.12 million standard cubic feet per day (mmscfd) of gas and 520 barrels per day (bpd) of oil,” OGDC Company Secretary Ahmed Hayat Lak said in a notification to the PSX on Wednesday.

The notification added that the discovery was made by the joint venture of Bitrism block comprising OGDC as the operator with 95% shareholding and Government Holdings Private Limited with 5% shareholding. OGDC’s share price, however, decreased Rs1.19, or 0.92%, and closed at Rs127.85 with trading in 772,200 shares at the PSX.

OGDC plans to form joint ventures with foreign firms

“The structure of Pandhi No 1 was delineated, drilled and tested using OGDC’s in-house expertise,” the company said in the notification.

“The discovery…is the result of an aggressive exploration strategy adopted by the company in pursuance of government’s directive to explore and produce local oil and gas. It will add to the hydrocarbon reserves of OGDC and the country,” it said. The local production of oil and gas meets around 20% requirement of the country. Rest of the demand for energy is met through expensive imports. 

Published in The Express Tribune, July 25th, 2019.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Business