OGDCL Discovers New Oil and Gas Reserves in Kohat

Oil and Gas Development Company Limited (OGDCL) has made another discovery of oil and gas deposits in Kohat, Khyber-Pakhtunkhwa (K-P), stated a stock exchange notice sent on Tuesday. OGDCL is a state-owned firm, which remains the single largest oil exploration company listed at the Pakistan Stock Exchange (PSX). ALSO READ OGDCL, Kuwaiti Petroleum Company Partner for Exploring Opportunities in Pakistan and Middle East Oil and Gas Development Company Limited (OGDC) as the operator, in a joint venture with Mela D&PL (56.45%), Pakistan Petroleum (PPL) (28.55%) and Government Holdings  Private Limited (15%) has discovered Oil and Gas from the Well Mela #05, which is located in District Kohat, Khyber Pakhtoonkhwa. This is the first discovery of Crude Oil and Gas from “Samanasuk Formation” in Mela Oilfield. The structure of Mela Well #05 was drilled and tested using OGDCL’s in-house expertise. The well was drilled down to a depth of 5070 meters. The test resulted in 95BPD of Crude Oil and 0.249 MMSCFD of gas through 32/64” choke at wellhead flowing pressure of 160-67 Psi from Samanasuk formation. The discovery of Mela #05 is the result of an aggressive exploration strategy adopted by the company. This has opened a new avenue and would add to the hydrocarbon reserves of OGDCL and of the country. OGDCL’s script at the bourse was trading at Rs 153.30, up by Rs 0.72 with a turnover of 1.77 million shares.