ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) claimed on Tuesday to have discovered oil and gas reserves at its Chanda Well-05 in Khyber-Pakhtunkhwa's (K-P) Kohat district.
According to a preliminary test, the well could produce 76 Barrel per Day (BPD) of crude oil, and 0.512 Million Standard Cubic Feet per Day of (MMSCFD) gas.
"This is the first discovery of crude oil and gas from Wargal Formation in Chanda Oil Field," an OGDCL statement said.
The Well-05 was drilled 5,440 meters deep and tested using the OGDCL's in house expertise, the statement added.
The OGDCL is operator of the Chanda Well with 72 per cent shares, while Government Holdings (Private) Limited (GHPL) and Zaver Petroleum Corporation (Private) Limited (ZPCL) having 17.5 per cent and 10.5 per cent shares respectively.
The discovery was the result of aggressive exploration strategy adopted by the company, which opened "a new avenue in K-P for exploration of deeper prospects for other exploration and production companies operating in the area," stated the communique, adding that "it [discovery] will certainly add to the hydrocarbon reserves base of the country."
Earlier in July, the company had found new oil and gas deposits in exploratory well in Sanghar district of Sindh.