The largest exploration and production firm in Pakistan, Oil & Gas Development firm Limited (OGDCL), has found “significant” hydrocarbon reserves at the Khewari block in the Khairpur district of Sindh.
On Monday, the state-owned company communicated the advancement in its notification to the Pakistan Stock Exchange (PSX).
The notification said, “The OGDCL is honored to announce a significant gas-condensate discovery from its exploration efforts at Kharo-1, a well drilled in the Khewari exploration license area, located in District Khairpur, Sindh.”
OGDCL has reported its operation in the Khewari Block, where it holds a 95% working interest, with GHPL (Government Holdings Private Limited) as a joint venture partner holding a 5% working interest.
According to the Exploration and Production (E&P) notice, the drilling and testing operations for the Kharo-1 well structure, conducted by OGDCL, reached a depth of 3,762 meters. Subsequent testing revealed a gas flow of 14.3 million standard cubic feet per day (MMSCFD) and 93 barrels per day (bbls/d) of condensate. These results were achieved at a 32/64-inch choke size, with a wellhead flowing pressure (WHFP) of 2,737 pounds per square inch (psi), originating from the substantial sand strata of the Lower Goru Formation.
OGDCL has announced that the recent discovery at Kharo-1 is poised to significantly augment the hydrocarbon reserves of the company and its esteemed joint venture partners, thereby contributing to the national energy resources of Pakistan.
In the previous month, the Government of Pakistan finalized Petroleum Concession Agreements (PCA) and Exploration Licences (EL) for eight blocks, involving companies such as United Energy Pakistan Limited (UEP), OGDCL, Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL).
Under these agreements, OGDCL secured licenses for blocks including Kotra East (Balochistan), Murradi (Sindh), Sehwan (Sindh), and Zindan-II (Punjab).
In its latest financial results, OGDCL reported net sales of Rs 120.141 billion during the first quarter of FY24, which concluded on September 30, 2023. The company’s Profit before Taxation for the same period amounted to Rs 86.174 billion.
