New oil, gas reserve discovered in KP

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) announced on Tuesday to have discovered gas and condensate over Hangu Formation from its exploratory efforts at well No.01 Wali in Khyber Pakhtunkhwa’s (KP) Lakki.

The drilling process that began on Dec 2 saw the exploratory well being drilled down to a depth of 4,727 inside Kawagarh Formation, OGDCL said in a statement.

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“The well flowed at the rate of 11.361 million standard cubic feet per day (MMSCFD) gas and 895 barrels per day (BPD) condensate with well head flowing pressure (WHFP) of 2,800 pounds per square inch (PSI) at 32/64 choke side,” read the statement.

“This gas/condensate discovery has further extended the hyderocarbon play area on the south western part of Bannu Basin. OGDCL being leading Exploration & Production Company in Pakistan has adopted aggressive exploration strategy which has resulted into hyderocarbons discoveries.”

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OGDCL pointed out the new discovery will add to the country’s hydrocarbon reserve base and will positively contribute in mitigating energy demand and supply gap from indigenous resources.

“We will continue to strive for increasing shareholders’ value through a robust exploration program,” the company said.