OGDCL Posts 50% Growth By Earning Rs118.386 Bln In Year 2018-19

Oil and Gas Development Company Limited (OGDCL) Thursday announced that it had earned Rs118.386 billion during the fiscal year 2018-19, which was 50 percent higher than the corresponding year

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Sep, 2019 ) :Oil and Gas Development Company Limited (OGDCL) Thursday announced that it had earned Rs118.386 billion during the fiscal year 2018-19, which was 50 percent higher than the corresponding year.

The company also determined Rs 27.53 profit per share for the last fiscal year, an OGCL press release said.

The company, as a result of aggressive exploration strategy, has made three oil and gas discoveries during first quarter of the current fiscal year, which would help expand the country's hydrocarbon reserves base, it said.

During the period, accumulative production of gas had increased by 22.33Million Standard Cubic Feet per Day (MMSCFD) and 836 Barrel per Day (BPD). While, recoverable reserves of gas have surged by 41.94 Billion Cubic Feet (BCF) and 1.56 Million Stock Tank Barrel (MMSTB) oil and condensate.

In addition to the three discoveries, for the first time, the OGDCL had installed Electrical Submersible Pump (ESP) system at Well Pasakhi-05, which increased oil production from 150 BPD to 500 BPD.

After increasing the production by three-fold using the ESP technology, a detailed technical study is being carried out at another four wells to apply the hi-tech equipment and technique there.

The company had drilled 16 wells during the last year, while it has planned to dig 30 conventional exploratory and development wells and one unconventional in the year 2019-20.

In pursuit of the Shale gas exploration, the company is working to drill first-ever unconventional Shale Gas well in the coming months at a fast track. Following which, the OGDCL board and its management is also planning to carry out back to back drilling at nine more Shale wells, it added.