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.