OGDCL discovers gas reserves in Khyber-Pakhtunkhwa

Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) state-owned entity, has discovered hydrocarbon reserves at Togh-02 well, located in Kohat, district, Khyber Pakhtunkhwa.

The development was shared by the company in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“By the grace of Almighty Allah, OGDCL, the operator of the Kohat Exploration License, governed under the Pakistan Petroleum & Exploration Rules, 2001, located in the District of Kohat, Khyber Pakhtunkhwa, has discovered hydrocarbons in the exploratory segment of the Togh-02 (Slant) well in the Lumshiwal-II Formation, on sole risk between OGDCL (75%) and Saif Energy Limited (SEL) (25%),” read the notice.

“The well was spudded on August 28, 2023, and successfully reached its total depth at 2,600 meters measured depth (MD). Based on the interpretation of wireline logs, the Cased Hole Drill Stem Test (CHDST-01) was performed in the Lumshiwal-II Formation.

“The well flowed at a rate of 2.842 million standard cubic feet per day (mmscfd) of gas and 28 barrels per day of condensate (bpdc), with a wellhead flowing pressure of 540 pounds per square inch (PSI) at a 32/64” choke size,“ added the notice.

OGDCL shared that the latest gas/condensate discovery has further extended the hydrocarbon play area in the Togh structure with potential new opportunities.

Earlier, OGDCL discovered gas and oil reserves in Khairpur district, Sindh.

As per the company’s latest financial results, the company reported a profit-after-tax (PAT) of Rs123.3 billion for the half-year ended December 31, 2023.

Earnings registered a growth of nearly 30% as compared to Rs95.01 billion in same period last year (SPLY). Earnings per share (EPS) were recorded at Rs28.67 in 1HFY2024 as compared to EPS of Rs22.09 in SPLY.