Karachi, July 31, 2023 – The Oil and Gas Development Company Limited (OGDCL) has announced a significant enhancement in production during the month of July 2023, attributing the success to the adoption of cutting-edge technologies for production optimization.
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PSO Joins Forces with PPL and OGDCL for Revolutionary Greenfield Refinery Project
Karachi, July 27, 2023 – In a significant move aimed at enhancing Pakistan’s energy infrastructure, Pakistan State Oil (PSO) inked Memorandums of Understanding (MoUs) with two leading exploration companies on July 27, 2023, to collaborate on the establishment of a Greenfield Refinery Project.
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OGDCL Secures Two New Exploration Blocks in Sindh and Punjab
Karachi, July 3, 2023: The Oil and Gas Development Company Limited (OGDCL), a state-owned entity in Pakistan, announced on Monday that it has received provisional awards for two new exploration blocks in Sindh and Punjab.
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OGDCL Commences Oil and Gas Production from Wali (Bettani) Field in Khyber Pakhtunkhwa
Karachi, June 15, 2023 – The Oil and Gas Development Company Limited (OGDCL) has announced the successful commencement of oil and gas production from the Wali (Bettani) Field in District Lakki Marwat, Khyber Pakhtunkhwa Province.
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OGDCL, PRL sign MoU to strengthen energy sector in Pakistan
KARACHI: Oil and Gas Development Company Limited (OGDCL) and Pakistan Refinery Limited (PRL) have signed a Memorandum of Understanding (MoU) to establish a strategic partnership in the energy industry.
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OGDCL announces huge oil discovery at Attock
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Thursday announced huge oil discovery at Attock District, Punjab Province, Pakistan.
The company shared the information of oil discovery with the Pakistan Stock Exchange (PSX) and London Stock Exchange.
READ MORE: OGDCL discovers gas deposits at Kohat District
In its communication, the company said that OGDCL being operator of Toot Mining Lease with 100 per cent working interest has made oil discovery from Lockhart Formation at Toot Deep-1 well which is located in Attock District, Punjab province, Pakistan.
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Toot Deep # 01 well was spudded-in on December 25, 2022 and successfully drilled down to total depth at 5545 meters in Tobra Formation. Based on interpretation results of open hole logs data, Lockhart Formation has successfully tested oil at the rate of 882 Barrel per day and 0.93 million standard cubic feet per day (MMSCFD) gas at well head flowing pressure (WHFP) of 600 pounds per square inch (psi) at 32/64” choke size.
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“This discovery has further extended the hydrocarbon play area in Pothohar basin, OGDCL being leading exploration and production company in Pakistan has adopted aggressive exploration strategies which has resulted in hydrocarbon discoveries.”
This discovery will add to the hydrocarbons reserves base of OGDCL and contribute positively towards oil and natural gas production from indigenous resources of Pakistan, the company added.
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OGDCL discovers gas deposits at Kohat District
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Monday announced discovery of gas deposits at district Kohat in the province of Khyber Pakhtunkhwa.
The company sent a communication to the Pakistan Stock Exchange (PSX) stated that the TAL Joint Venture comprising MOL Pakistan Oil & Gas Co. B. V. (Operator), OGDCL (30 per cent working interst exploratory phase), Pakistan Petroleum Limited (PP), Pakistan Oilfields Limited (POL) and Government Holdings Private limited (GHPL) had discovered gas condensate from Lockhart formation in Tolanj West-2 development well located in district Kohat, Khyber Pakhtunkhwa Province.
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It said that the well was spudded-in on April 10, 2022 to produce Hydrocarbon from already discovered horizon of Tolanj West D&PL i.e. Lumshiwal Formation and to test Hydrocarbon potential of Lockhart & Shinwari & Samanasuk Formations (as exploratory targets). The well has been successfully drilled down to depth of 4119.34m TVD.
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Based on interpretation results of wireline logs data, Lockhart Formation (Exploratory Target) was tested successfully at rate of around 8.3 Million Standard Cubic Feet Per Day (MMSCFD) gas and 34 barrels per day (BPD) of condensate at choke size 32/64” at Wellhead Flowing Pressure (WHFP) of 1285 Pounds per Square Inch (Psi).
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“The new discovery has de-risked further exploration play in TAL Block, leading to new upside opportunities,” OGDCL said, adding that the said discovery will also help and contributed towards improving energy security of the country from indigenous resources and add to the hydrocarbon reserve base of the company, its joint venture partners and the country.
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OGDCL discovers gas deposits in Khyber Pakhtunkhwa
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced discovery of gas deposits at Kohat district in the province of Khyber Pakhtunkhwa.
In a communication sent to the Pakistan Stock Exchange (PSX), the company said the TAL Joint Venture comprising MOL Pakistan Oil and Gas Co. B. V. (Operator), OGDCL (30 per cent working interest in exploratory phase), Pakistan Petroleum Limited (PPL), Pakistan Oilfield Limited (POL) and Government Holdings Private Limited Development and Production Lease (D&PL) in the Tolanj West-2 development well, which is located in district Kohat, Khyber Pakhtunkhwa Province.
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OGDCL stated that the well was spudded-in on April 10, 2022 to produce already discovered horizon of Tolanj West D&PL i.e. Lumshiwal Formatino and to test Hydrocarbon potential of Lockhart & Shinwari & Samanasuk Formation (as exploratory targets). The well successfully drilled down to depth 4119.34m TVD.
“Based on interpretation results of wireline logs data, the deeper Samansuk and Shinwari Formations were tested successfully at rate of around 2.5 million standard cubic feet per day (MMSCFD) of gas through choke size 32/64” at Wellhead Pressure (WHFP) of 374 Pounds per square inch (Psi),” OGDCL said, adding that further testing operations are going to evaluate full potential of the well.
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It further said that the new discovery had de-risked an exploration play in deeper reservoirs over Tolanj West D&PL and in TAL Block, leading to new upside opportunities. “The discovery will also help and contribute towards improving energy security of the county from indigenous resources and add to the hydrocarbons reserves base of MOL, its joint venture partners and the country.
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OGDCL discovers oil, gas reserves in Sindh
KARACHI: Oil and Gas Development Company Limited (OGDCL), a public limited company of Pakistan with 75 percent share of the government, on Wednesday announced a discovery of oil and gas reserves in Tando Allha Yar, Sindh Province.
The Joint Venture of Nim Block Comprising OGDCL as Operator (95 per cent) and Government Holdings (Private) Limited (GHPL) (5 per cent carried) has discovered oil and gas from exploratory well namely Nim East- 1 located in District Tando Allah Yar, Sindh Province, the company said in a statement.
READ MORE: OGDCL declares over 63% net profit for 1HFY22
Nim East-1 was spudded in on March 21, 2022 as an exploratory well by using OGDCL’s in-house expertise and in close collaboration with GHPL team.
The well was drilled down to 2573m. Based on the results of wireline logs interpretation, Drill Stem Test-1 in the Basal Sand has tested 1400 Barrels of Oil per Day (BOPD) and 5.02 Million Standard Cubic Feet per Day (MMSCFD) Gas through choke size 32/64” at Well Head Flowing Pressure (WHFP) of 1820 Pounds per Square Inch (psi).
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“The said discovery is the 11th discovery in Nim Block which shows the commitment of Nim Joint Venture Partners to exploit the hydrocarbon potential of the block besides reflection of aggressive exploration strategy,” according to the statement.
Discovery will help in mitigating energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserve base of joint venture entities and the country.
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OGDCL declares over 63% net profit for 1HFY22
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced financial results for the half year ended December 31, 2021.
The company announced over 63 per cent growth in net profit to Rs69 billion for the first half (July – December) 2021/2022 as compared with Rs42.22 billion in the corresponding period of the last fiscal year.
READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter
The company announced earnings per share (EPS) at Rs16.02 for the half year ended December 31, 2021 as compared with Rs9.82 announced in the corresponding half of the last year.
The board of directors of the company in their meeting held on February 23, 2022 approved an interim cash dividend for the quarter ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs1.75 per shre i.e. 17.50 per cent.
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According to the financial results, the sales of the company registered a massive increase to Rs151.16 billion for the first half of the fiscal year 2021/2022 as compared with Rs110.97 billion in the corresponding half of the last fiscal year.
Operating expenses of the company were flat at Rs34.37 billion in July – December 2021/2022 as compared with Rs33.3 billion in the same period of the last fiscal year.
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OGDCL paid an amount of Rs17 billion as royalty during the first half of the current fiscal year as compared with Rs12.9 billion in the corresponding half of the last fiscal year.