The Oil and Gas Development Company Limited (OGDCL) has announced a gas and condensate discovery at its Soghri North-1 well in Attock District, Punjab, marking a significant development in Pakistan’s hydrocarbon exploration efforts.
The company, which holds a 100% working interest in the Soghri Exploration License, confirmed the discovery following successful exploratory drilling and testing.
“We are pleased to announce that Oil and Gas Development Company Limited (OGDCL), being the operator of Soghri Exploration License with a 100% working interest, has made a Gas and Condensate discovery from its exploratory efforts at Soghri North-1 well, located in Attock District, Punjab Province, Pakistan,” OGDCL said in a notice to the Pakistan Stock Exchange (PSX) on Monday.
According to OGDCL, the Soghri North-1 well was spudded on May 21, 2024, and drilled to a depth of 4,942 meters in the Patala Formation. Subsequent wireline log interpretation and cased hole drill stem testing (DST-1) identified gas and condensate reserves in the Chorgali-Sakesar-Nammal-Patala formations.
The well yielded a flow rate of 13.95 million standard cubic feet per day (MMSCFD) of gas along with 430 barrels per day (BPD) of condensate, with a wellhead flowing pressure of 2,890 psi through a 32/64-inch choke size.
OGDCL stated that this discovery is expected to boost confidence in further exploration activities within the Soghri block, contributing to Pakistan’s domestic energy supply and reducing reliance on imported fuel.
The company emphasized that the new reserves would help bridge the country’s energy demand-supply gap while strengthening indigenous hydrocarbon production.
Following the announcement of gas and condensate discovery, the stock price of OGDCL saw a 0.97% increase, rising Rs2.11 to Rs220.70 as of March 17, 2025, at 1:29 PM. The market reaction suggests positive investor sentiment toward the discovery, as expectations of increased production and revenue potential drive interest in the stock.
OGDCL, incorporated on October 23, 1997, was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961.
