Karachi, September 19, 2023 – In a significant development for Pakistan’s energy sector, the Oil and Gas Development Company Limited (OGDCL) has proudly unveiled the discovery of a substantial gas reserve at an exploratory well located in Rahim Yar Khan, Punjab Province.
In an official communication shared with both the Pakistan Stock Exchange (PSX) and the London Stock Exchange (LSE) on Tuesday, OGDCL reported the successful discovery of gas at the Chak 214-1 exploratory well, situated within the boundaries of District Rahim Yar Khan, Punjab Province.
The Chak 214-1 well, which was spudded on June 29, 2023, employed OGDCL’s in-house expertise to reach a depth of 1851 meters. The evaluation of wireline log interpretations, in conjunction with Drill Stem Test – 1 conducted in the Dunghan Formation, revealed a remarkable gas yield of 1.1 million standard cubic feet per day (MMSCFD). The gas flow was achieved with a choke size of 32/64″ and a well head flowing pressure (WHFP) of 230 pounds per square inch (PSI).
Moreover, the subsequent drill stem test-2, this time in the Sui Main Limestone (SMP) layer, demonstrated an even higher yield of 1.31 MMSCFD of gas. This result, achieved with the same choke size and a WHFP of 260 PSI, further solidified the potential of this gas reserve.
This remarkable discovery is a groundbreaking moment for OGDCL, as it marks the first successful exploration venture in the Mari East Block. It is a testament to the company’s unwavering commitment to harnessing the hydrocarbon potential of the region through aggressive and innovative exploration strategies.
With Pakistan’s ever-growing energy demands, this discovery comes as a timely boon, promising not only to bolster the nation’s energy security but also to contribute to its economic development. OGDCL’s success at the Chak 214-1 well is set to open up new possibilities in the energy sector and enhance the country’s position as a key player in the global energy landscape.
Investors and stakeholders are keenly watching the developments, and this discovery is expected to have a positive impact on OGDCL’s financial performance and its stock value. As the company continues to explore and tap into Pakistan’s vast energy resources, it is poised to play a pivotal role in the country’s energy future.