Oil and Gas Development Company Limited (OGDCL), announced the commencement of hydrocarbon production from its oil and gas field in the district of Lakki Marwat, Khyber Pakhtunkhwa.

The company announced the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

“The operator of the Wali (Bettani) Exploration License with a 100% working interest, is delighted to announce commencement of production from the Wali (Bettani) Oil & Gas Field situated in District Lakki Marwat, Khyber Pakhtunkhwa Province,” read the notice.

“Within the next 24 hours, OGDCL will initiate production from the Wali (Bettani) Gas Field, seamlessly integrating it into the national grid,” it added.

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The company said it has successfully completed the installation of early production facility to fast-track monetization of hydrocarbons.

It anticipates gas production of 10 million standard cubic feet per day and oil production of 1,000 barrels per day from the field.

The company said it intends to drill two additional wells i.e. Wali Deep #1 and Wali # 02 which upon completion will enhance gas production to 50 MMSCF/Day.

OGDCL is the largest E&P company in Pakistan, with operations including exploration, drilling operation services, production, reservoir management and engineering support.

It has the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total acreage awarded with net hydrocarbons of oil and gas.

With over 67%, the government of Pakistan is the largest shareholder in OGDC, followed by the OGDC Employee Empowerment Trust and Privatization Commission of Pakistan.

Last month, OGDCL entered into a Memorandum of Understanding (MoU) with Pakistan Refinery Limited to establish a strategic cooperation relationship in the energy industry.