Home » OGDCL discovers 2.842 mmscfd of gas and 28 barrels per day of condensate in Kohat

OGDCL discovers 2.842 mmscfd of gas and 28 barrels per day of condensate in Kohat

by Haroon Amin
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The largest state-owned exploration and production (E&P) company in the nation, Oil and Gas Development Corporation Limited (OGDCL), has found hydrocarbon deposits at the Togh-02 well in the Kohat district of Khyber Pakhtunkhwa.

The finding of hydrocarbon resources in Kohat, Khyber Pakhtunkhwa, was declared by the Oil and Gas Development Company Ltd (OGDCL) on Tuesday.

According to the announcement, hydrocarbons were identified in the Lumshiwal-II Formation’s exploratory segment of the Togh-02 (Slant) well. This well is operated by OGDCL, the firm that holds the Kohat Exploration Licence in Kohat, Khyber Pakhtunkhwa, and is governed by the Pakistan Petroleum and Exploration Rules 2001. OGDCL (75 percent) and Saif Energy Ltd (25 percent) discovered the discovery on their own initiative.

Based on the disturbance of wireline logs, the Lumshi­wal-II Formation conducted the Cased Hole Drill Stem Test (CHDST-01).

The well featured a 32/64″ choke size, 540 pounds per square inch of well operating pressure, and a flow rate of 2.842 million standard cubic feet of gas and 28 barrels of condensate per day.

Read more: Ogdcl Starts New Oil And Gas Production At Nashpa-11 Well In Karak

Oil and gas reserves were previously found in Khairpur, where Khair-well-One was bored to a height of 3762 metres. From this depth, an estimated one crore 43 lakh cubic metres of gas per day can be collected, along with 93 barrels of crude oil per day. It is noteworthy that OGDCL had already identified significant deposits of gas and oil from Dars West Well No. 2 in Tando Allahyar prior to this.

Prior to this, three separate gas discoveries have been made in Daharki, totaling 6.57 million cubic feet of fresh reserves.

OGDC’s profit jumps 30% in 1HFY24

The biggest exploration and production (E&P) company in the country declared a profit-after-tax (PAT) of Rs123.3 billion for the six months that concluded on December 31, 2023.

According to the most recent financial figures that the E&P submitted to the Pakistan Stock Exchange (PSX) on Tuesday, earnings increased by around 30% when compared to Rs95.01 billion during the same period last year (SPLY).

In addition to reviewing the business’s financial and operational performance, the board of directors recommended an interim cash dividend of Rs2.50 per share, or 25%, during its meeting on February 27. This is on top of the interim cash dividend of 16%, or Rs1.6 per share, that has already been paid.

In 1HFY2024, earnings per share (EPS) were recorded at Rs28.67, while in SPLY, EPS was reported at Rs22.09.

Growth is the result of both lower taxes paid over the period and higher sales.

Contract revenue for ODGCL increased by about 16% to Rs235.38 billion from Rs203.24 billion in SPLY.

According to OGDCL, the discovery of gas and condensate has increased the hydrocarbon play area in the Togh Structure, potentially presenting new opportunities.

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