OGDCL acquires 556 LKMs 2D seismic data in first quarter

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ISLAMABAD, Jan 13 (APP):Oil and Gas Development Company Limited (OGDCL) has acquired 556 Line Kilometers (LKMs) seismic data during first quarter of the current fiscal year.

“Besides, around 689 Line km of 2D seismic data was also processed/reprocessed using in-house resources. The company’s seismic data acquisition is 85 percent of total 2D seismic data acquired in the country,” according to OGDCL’s quarterly financial report.

The company, being the market leader in Exploration and Production (E&P) sector of Pakistan holds the largest exploration acreage, which as of 30 September 2019 stood at 82,499 Square Kilometers, representing 38 percent of the country’s total area under exploration.

During the period under review, the company spud two exploratory and development wells. Moreover, it completed drilling and testing of seven wells pertaining to previous fiscal years. “Whereas total drilling recorded during the reporting period was 12,813 meters.”

The company’s exploratory efforts yielded three oil and gas discoveries namely Pandhi-1 in district Sanghar, Sindh province, Togh-1 and Chanda-5 in district Kohat, KPK province, having cumulative daily production potential of 22 Million Cubic Feet (MMCF) gas and 826 barrels of oil. “Preliminary reserve estimates are 41.86 billion cubic feet of gas and 1.56 million barrels of oil, combined 9.30 million barrels of oil equivalent.

During the three-month period, the OGDCL’s crude oil production stood at 37,560 barrels per day, Gas 960 million cubic feet per day, Liquefied Petroleum Gas 702 tons per day and Sulphur 54 tons per day.

Against the backdrop of decline in hydrocarbon production, the OGDCL delivered stable financial performance as its sales revenue and profit before tax remained Rs 66.204 billion and Rs 39.688 billion respectively.