ISLAMABAD, Jul 27 (APP):Oil and Gas Development Company Limited (OGDCL) has injected eight new wells, producing 226,862 Barrels crude oil and 3,288 Million Cubic Feet gas, in its production gathering system during three quarters of the last fiscal year.
Injected wells include Khirun-1, Nandpur-1, Kunnar-12, Nim-1, Loti-5, Pasakhi NE-2 and Qadirpur-59 & 60, according to the nine-months report of the company for year 2018-19 placed on its official website.
During the period, OGDCL has drilled 11 new wells, including six exploratory/ appraisal and five developmental, and made two discoveries.
OGDCL’s exploratory endeavors to find new hydrocarbon reserves, yielded two oil and gas discoveries namely Chanda-1 and Mela-5 both in Kohat district of Khyber Pakhtunkwa from where cumulative daily production of 795 Barrels (bbl) oil and 2.45 Million Cubic Feet (MMCF) gas was expected.
OGDCL’s net sales have increased to Rs 192.047 billion as compared to Rs 147.712 billion in same period of 2017-18 While, its net profit after taxation stood at Rs 85.312 billion against Rs 56.821 billion of nine months of the corresponding year.
The company, being the country’s leading oil and gas Exploration Company, has completed 707 Line Kms of 2D and 620 Sq. Kms of 3D seismic surveys during the period under review.
The company’s net crude oil production stood at 40,952 Barrels per Day (BPD), net gas production 1,010 MMCFD, net LPG production of 819 Metric Ton (MT) per Day and net Sulphur production of 63 MT per Day.
With a portfolio of 42 exploration licences, the company has the largest exploration acreage in Pakistan, covering 23 percent of the total awarded acreage as of March 31, 2019. Currently, all production volumes are being realized from onshore areas of Pakistan, however, the company also has working interests in offshore exploration blocks.
Despite natural decline and short lifting of crude oil by refineries at Kunnar, KPD-TAY, Nashpa and TOC fields owing to pile-up of furnace oil stock, OGDCL’s average net saleable crude oil production clocked at 40,952 BPD.
Stable oil production is primarily due to increase in production from Pasakhi, Bobi, Chanda and Mela fields coupled with higher share in production from NJV fields and start-up of production at Chutto-1.
Likewise, the company’s average net saleable gas production remained steady at 1,010 MMCFD against the backdrop of less gas intake at Uch-I field due to extended ATA of UPL-I from October 16, 2018 to December 8, 2018, tripping of turbines at LPL, Engro Power and FKPCL and lower share in production from NJV fields.
Steady saleable gas production mainly owes to increase in production from Uch-II and KPD fields accompanied with start-up of production at Chutto-1.
During the period under review, technical and financial evaluation for hiring of engineering, procurement and construction contractor for Nashpa compression project has been completed and expected completion date of project is June 2020.
Regarding Dhok Hussain development project, installation work with respect to gas processing facilities has been completed and supply of gas is subject to laying of gas pipeline by SNGPL.
Likewise, up-gradation of plant facilities at Mela field and laying of gas pipeline to Nashpa plant for LPG and Natural Gas Liquid extraction are in progress and Mela project is anticipated to be completed in December 2019.
OGDCL’s production strategy is aimed at intensifying field development activities, completion of ongoing development projects and utilization of latest production techniques to maintain and optimize oil and gas output. The Company during nine months contributed around 45% and 29% of Country’s total oil and gas production respectively.
Meanwhile, the company announced to strike two more oil and gas discoveries one each in May and July.
In May, it struck a discovery in Tando Muhammad Khan district of Sindh province, where the initial well test indicated 10.44 MMCFD gas and 120 barrels per day condensate oil.
Whereas in the current month, the company made a find at its exploratory well Pandhi-01 in Bitrism block of District Sanghar, Sindh, from where initial test revealed flow of 9.12 Million Standard Cubic Feet per Day gas and 520 BPD.