OGDC makes gas discovery in Baratai block, Kohat, Khyber-Pakhtunkhwa

LAHORE: A bourse notification filed Friday by Oil and Gas Development Company (OGDC) revealed the joint venture of Baratai Block in which it holds a 97.5 percent stake and Khyber-Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) 2.5 percent has discovered gas and condensate in an exploratory well.

The exploratory well Dhok Hussain well is situated in Kohat.

OGDC shared “the structure of Dhok Hussain well was drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 5014 Meters. The well has tested 15.40 MMSCFD of gas and 360 Barrels Per Day of condensate through 32/64" choke at wellhead flowing pressure of 2870 Psi from Lumshiwal and Hangu formations,” the notification stated.

The company has been pursuing an aggressive exploration strategy, which is opening new avenues and would contribute to the rising hydrocarbon reserves of Pakistan and OGDC, the notification read.

OGDC is the national oil & gas company of Pakistan and the flagship of the country’s E&P sector. The Company is the local market leader in terms of reserves, production and acreage, and is listed on Pakistan stock exchange and on the London Stock Exchange since December 2006.

KPOGCL is a provincial oil and gas holding company based in Peshawar, Pakistan. It was established by Government of Khyber Pakhtunkhwa (KP) in 2013. The company owns exploration and production rights for about 10 trillion cubic feet (280 billion cubic metres) of natural gas and 600 million barrels (95 million cubic metres) of petroleum resources in KP.

At the time of filing this report, OGDC shares were trading at Rs163.40, up Rs0.57 and KSE-100 index was trading at 40,467.12 points, up 95.81 points from its opening on Friday.