Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has significantly enhanced oil output by reviving its Pasakhi-5 well in Hyderabad district, Sindh.
In a notice to the Pakistan Stock Exchange (PSX), OGDCL announced that the Pasakhi-5 well, part of the Pasakhi Development & Production Lease where it holds a 100% working interest, has undergone a strategic upgrade. The company deployed a rig to install an artificial lift system (ESP), which increased the well’s oil production from 480 barrels per day (BPD) to an impressive 900 BPD, marking a 420 BPD rise.
“This achievement highlights OGDCL’s dedication to employing innovative technologies to enhance energy output, ensuring a sustainable supply and contributing to Pakistan’s economic growth,” the statement said.
Recently, OGDCL also revived a well in Tando Allah Yar district and commenced production from Kunnar West Well-3, also in Hyderabad district.
Despite these operational achievements, OGDCL reported a profit-after-tax of Rs41.02 billion for the quarter ending September 30, 2024, reflecting a 16% decline compared to Rs49.03 billion in the same period last year. Earnings per share (EPS) for the quarter stood at Rs9.54, down from Rs11.40 in the prior year.
OGDCL’s focus on leveraging advanced technologies underscores its role in strengthening Pakistan’s energy sector.
