OGDCL announces oil, gas discovery in Khyber Pakhtoonkhwa

OGDCL announces oil, gas discovery in Khyber Pakhtoonkhwa

KARACHI: Oil and gas Development Company Limited (OGDCL) on Tuesday announced discovery of oil and gas at Chanda Well#5 located at Kohat District,Khyber Pakhtoonkhwa province.

In an information received by Pakistan Stock Exchange (PSX)the company said that the joint venture of Chanda D&PL Comprising OGDCL as operator 72 percent, Government Holdings (Private) Limited (GPHL) with 17.5 percent and Zaver Petroleum (Private) Limited (ZPCL) with 10.5 percent had discovered crude oil and gas from its development Well 05, which is located in district Kohat, Khyber Pakhtoonkhwa province.

This is the first discovery of crude oil and gas from “Wargal Formation” in chanda oil field. The company said that the structure of Chanda Well 05 was drilled and tested using OGDCL’s in house expertise.

The well was drilled down to the depth of 5,440 meters. The well has been tested 76 BPD crude oil and 0.512 million Standard Cube Feed Per Day (MMSCFD) gas through choke size 32/64” at well head flowing pressure 89-149 psi from Wargal formation.

It further said that the discovery of Chanda Well 05 is the result of aggressive exploration strategy adopted by the company. “It has opened a new avenue in Khyber Pakhtoonkhwa area for exploration of deeper prospects for other E&P companies operating in area,” it said and adding that this discovery of oil and gas at deeper prospects would certainly add to the hydrocarbon reserves base of the OGDCL and of the country.