Oil and Gas Development Company Limited (OGDCL) has announced the official commencement of generating hydrocarbons from its oil and gas field in Khyber Pakhtunkhwa’s Lakki Marwat area.
The development was announced by the company in a notice to the Pakistan Stock Exchange (PSX), The operator of the Wali (Bettani) Exploration License with a 100% working interest, is delighted to announce the commencement of production from the Wali (Bettani) Oil & Gas Field situated in District Lakki Marwat, Khyber Pakhtunkhwa Province.
Within the next 24 hours, OGDCL will initiate production from the Wali (Bettani) Gas Field, seamlessly integrating it into the national grid, the notice added.
Furthermore, the company stated that it had successfully finished the installation of an early production unit to expedite hydrocarbon monetization. The field is expected to produce 10 million standard cubic feet of petrol per day and 1,000 barrels of oil per day.
The company plans to drill two further wells, Wali Deep #1 and Wali # 02, which, when completed, will increase gas production to 50 MMSCF/Day.
OGDCL is Pakistan’s largest E&P business, with operations spanning exploration,?production, drilling operations,?reservoir management, and engineering support. It possesses the most extensive exploration acreage in Pakistan, accounting for more than 40% of the total area granted with net hydrocarbons of oil and gas in the country.
?The government of Pakistan owns approximately 67% of OGDC, followed by the OGDC Employee Empowerment Trust and the Privatisation Commission of Pakistan.
In addition, OGDCL and Pakistan Refinery Limited signed a Memorandum of Understanding (MoU) last month to develop a strategic partnership agreement in the energy industry.
During the first half of the current fiscal year, which ends on December 31, 2022, OGDCL drilled four exploratory wells and made three discoveries, with a projected production potential of 3,007 BPD oil and 2.7 MMCFD gas.
?OGDCL has spud 4 wells including 3 exploratory wells; Shahpurabad-1, Chak 20-1 and Gaja Wah-1 and 1 development well; Chanda-7. OGDCL discovered three oil and gas reserves in Toot Deep-1 in district Attock, Punjab province and Chak 5 Dim South-3 and Kot Nawab-1 in district Sanghar of Sindh province, the report said.?