Oil And Gas Development Company Limited (OGDCL) Carries Out 707 Line-KMs 2D, 620 Sq.KMs 3D Surveys

Oil and Gas Development Company Limited (OGDCL) has carried out 707 Line-KMs 2D and 620 Sq.KMs 3D seismic surveys in its operational areas during first nine months of the last fiscal year

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Aug, 2019 ):Oil and Gas Development Company Limited (OGDCL) has carried out 707 Line-KMs 2D and 620 Sq.KMs 3D seismic surveys in its operational areas during first nine months of the last fiscal year.

"The acquired 2D and 3D seismic data represents 55 percent and 47 percent of total seismic data acquired in the country respectively. Moreover, 5,088 Line kms of 2D seismic data has also been processed/reprocessed using in-house resources," according to the nine-month report of the company for year 2018-19 placed on its official website.

The OGDCL has injected eight new wells producing 226,862 bbl crude oil and 3,288 MMCF gas, in its production gathering system during the period under review.

Injected wells include Khirun-1, Nandpur-1, Kunnar-12, Nim-1, Loti-5, Pasakhi NE-2 and Qadirpur-59 & 60, according to the nine-month report of the company for year 2018-19 placed on its official website.

The OGDCL has drilled 11 new wells, including six exploratory/ appraisal and five developmental, and made two discoveries.

The company's exploratory endeavors to find new hydrocarbon reserves yielded two oil and gas discoveries namely Chanda-1 and Mela-5 both in Kohat district of Khyber Pakhtunkwa from where cumulative daily production of 795 Barrels (bbl) oil and 2.45 Million Cubic Feet (MMCF) gas was expected.

The OGDCL's net sales have increased to Rs 192.047 billion as compared to Rs 147.712 billion in same period of 2017-18. While, its net profit after taxation stood at Rs 85.312 billion against Rs 56.821 billion of nine months of the corresponding year.

The company's net crude oil production stood at 40,952 Barrels per Day (BPD), net gas production 1,010 MMCFD, net LPG production of 819 Metric Ton (MT) per Day and net Sulphur production of 63 MT per Day.

With a portfolio of 42 exploration licences, the company has the largest exploration acreage in Pakistan, covering 23 percent of the total awarded acreage as of March 31, 2019.

Currently, all production volumes are being realized from onshore areas of Pakistan, however, the company also has working interests in offshore exploration blocks.

Despite natural decline and short lifting of crude oil by refineries at Kunnar, KPD-TAY, Nashpa and TOC fields owing to pile-up of furnace oil stock, OGDCL's average net saleable crude oil production clocked at 40,952 BPD.

Stable oil production is primarily due to increase in production from Pasakhi, Bobi, Chanda and Mela fields coupled with higher share in production from NJV fields and start-up of production at Chutto-1.

The company's average net saleable gas production remained steady at 1,010 MMCFD against the backdrop of less gas intake at Uch-I field due to extended ATA of UPL-I from October 16, 2018 to December 8, 2018, tripping of turbines at LPL, Engro Power and FKPCL and lower share in production from NJV fields.

Steady saleable gas production mainly owes to increase in production from Uch-II and KPD fields accompanied with start-up of production at Chutto-1.

During the period under review, technical and financial evaluation for hiring of engineering, procurement and construction contractor for Nashpa compression project has been completed. The project is scheduled to completed in June 2020.

Meanwhile, the company announced to strike two more oil and gas discoveries one each in May and July.

In May, it struck a discovery in Tando Muhammad Khan district of Sindh province, where the initial well test indicated 10.44 MMCFD gas and 120 barrels per day condensate oil.

Whereas in July, the company made a find at its exploratory well Pandhi-01 in Bitrism block of District Sanghar, Sindh, from where initial test revealed flow of 9.12 Million Cubic Feet per Day (MMCFD) gas and 520 BPD.