Fresh Oil & Gas Reserves Found In KPK
The OGDC, on Wednesday, discovered new oil and gas deposits in two different wells located in the Khyber-Pakhtunkhwa (KPK) region.
On Wednesday, December 23, the Oil and Gas Development Company Limited (OGDC) announced that they have discovered new oil and gas reserves in two different wells located in Khyber-Pakhtunkhwa (KPK).
The OGDC sent out a notification to the Pakistan Stock Exchange (PSX) which stated that tests conducted by the exploration firm showed 1.6 million standard cubic feet per day (MMSCFD) of gas and 12 barrels per day (BPD) of condensate in the exploratory well, Siab-1 from Samanasuk Formation. The test also revealed 4.18 MMSCFD of gas and 32 BPD of condensate in a zone in the Lumshiwal/ Hangu formation.
This discovery was made through in-house expertise. Hydrocarbon deposits in exploratory well Siab-1 were found by the joint venture of Baratai block, which included OGDC as the operator of the block with 97.5% shareholding and KPK Oil and Gas Company Limited (KPOGCL) holding the remaining 2.5% stake in the block.
“The discovery of Siab-1 is the result of an aggressive exploration strategy adopted by the company.”
“It has opened a new avenue and is expected to add to the hydrocarbon reserves base of OGDC, KPOGCL and the country as it will contribute to reducing the gap between supply and demand of oil and gas in Pakistan through the exploitation of indigenous resources.”
Although tradingeconomics.com revealed that Pakistan produced 85,000 BPD of oil from January to August 2020, however it still meets around 80% of its oil demand through imports. Moreover, Pakistan produces an estimate of 3.5 billion cubic feet of gas per day (BCFD) against the total requirement of around 7 BCFD.