ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, has successfully revived a heavy oil well at its Rajian Oil Field in Gujar Khan, Chakwal district, Punjab. The strategic move has increased the field’s cumulative production by 67%, from 1,500 barrels per day (bpd) to 2,500bpd.
The company announced this development in a notice to the Pakistan Stock Exchange (PSX) on Monday, emphasizing its commitment to operational efficiency and energy sustainability.
OGDCL detailed that the revival initiative was part of a broader optimization program targeting the Rajian field. The program includes 11 workover jobs and the installation of advanced artificial lift systems, such as the Electrical Submersible Pump (ESP).
Rajian-3A, which reaches a depth of 3,652 meters, had been temporarily suspended in 2020 due to formation challenges. However, with innovative techniques and advanced equipment, the well has been successfully brought back online, contributing 1,000bpd to the field’s output.
“The optimization program is expected to significantly boost production as we continue work on the remaining 10 wells. Rig N-4, owned by OGDCL, has been deployed at the Rajian field and will remain onsite throughout the program’s implementation,” the company stated.
OGDCL underscored the importance of this revival effort in strengthening Pakistan’s energy sector and reaffirming its position as a leader in hydrocarbon exploration and production. The company’s initiatives aim to reduce reliance on imports and bolster domestic energy resources.
Last month, OGDCL also commenced natural gas production from the Uch-35 development well in Dera Bugti, Balochistan, demonstrating its continuous efforts to enhance energy output across the country.
Despite these operational milestones, OGDCL’s financial results for the quarter ending September 30, 2024, reported a profit-after-tax (PAT) of Rs41.02 billion, marking a 16% decline from Rs49.03 billion in the same quarter of the previous year. Earnings per share (EPS) stood at Rs9.54 compared to Rs11.40 in the corresponding period last year.
As OGDCL advances its production capabilities and executes strategic projects, the company remains focused on contributing to Pakistan’s energy independence while navigating a challenging economic environment.
