ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 4th Oct, 2020 ) :Oil and Gas Development Company Limited (OGDCL) has carried out 3,407 L-KMs 2D and 1,324 Sq. KMs 3D seismic surveys in its various operational areas during the last fiscal year aimed at expediting hydrocarbon exploration activities and making the country self-reliant in the energy sector.
“Moreover, around 5,582 Line Kilometers (L-KMs) of 2D and 4,977 Square Kilometers (Sq. KMS) of 3D seismic data has also processed/reprocessed using in-house resources,” according to the company’s annual financial report available with APP.
The acquired seismic data represented 79 percent of the total 2D seismic data acquisition in the country.
The state-owned OGDCL, being the market leader in Exploration and Production (E&P) sector of the country held the largest exploration acreage, as of June 30, 2020, which stood at 79,994 sq. km representing 37 percent of Country’s total area under exploration.
The Company’s exploration portfolio currently consisted of 44 owned and operated joint venture exploration licenses. Additionally, the OGDCL possessed working interest in seven exploration blocks operated by other E&P companies.
During the period under review, the company net sales remained Rs 244.857 billion as compared to Rs 261.481 billion in the corresponding period last year, while its profit before taxation stood at Rs 143.065 billion in comparison with Rs 176.599 billion of the previous year.
The OGDCL injected 14 new wells, producing 251,642 Barrels crude oil and 6,709 Million Cubic Feet (MMCF) gas, in its production gathering system during the last fiscal year.
It said the coronavirus pandemic and natural decline in existing oil and gas deposits had adversely impacted the company’s production, which was partially mitigated by injection of the new 14 wells in the production gathering system.
The company also drilled 25 wells including 15 exploratory/appraisal namely Rangunwari1, Dhok Hussain North-1, Wali-1, Metlo-1, Katiar-1, KUC-1, Jatoi-1, Qadirpur Deep X-1A, Lakhi Rud X-1, Bobi Deep-1, Togh Bala-1,Umair NW-1, Seni Gumbat-1, Washuk-1 & Zin SML-4H] and five development wells namely Thora Deep-3, Rajian-11, Nashpa-10, Qadirpur HRL15 & Pasahki-11] besides five re-entry/side track wells namely Siab-1, Qadirpur-14, Rajian-10, Thal East-1 and Thora Deep-3.
Besides, the OGDCL completed drilling and testing of 14 wells pertaining to the year 2018-19, whereas total drilling during the 12-month period stood at 60,753 meters.
The company’s exploratory efforts to locate new reserves yielded five 5 oil and gas discoveries having expected cumulative daily production potential of 28 MMCF of gas and 892 barrels of oil.
The discoveries include Chanda-5, Togh-1 (Lumshiwal), Togh-1 (Hangu) in district Kohat, Khyber Pakhtunkhwa province, Pandhi-1 in district Sanghar and Metlo-1 in district Khairpur, Sindh province. “Preliminary reserve estimates are 49 billion cubic feet of gas and 1.5 million barrels of oil, combined 10 million barrels of oil equivalent.
