ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) on Thursday announced a new discovery at its exploratory well Saib-I in district Kohat of Khyber Pakhtunkhwa.

“The well was drilled down to the depth of 5500 meters based on open hole logs data, tested at rate of 1.6 Million Standard Cubic Feet per Day (MMSCFD) of gas and 12 Barrels per Day (BPD) of condensate,” a news release said.

The company said one more zone in Lumshiwal/Hangu Formation had been tested at 4.18 MMCFD of gas and 32 BPD of condensate.

It said the discovery of Saib-I was the result of aggressive exploration strategy adopted by the company.

“It has opened a new avenue and will add to the hydrocarbon reserves base of OGDCL and the country. It will contribute in reducing the gap between supply and demand of oil and gas through the exploitation of indigenous resources”, it added.