Pakistan’s largest oil and gas exploration company, Oil and Gas Development Company Limited announced the discovery of oil and gas reserves from an exploratory well in Sindh.
Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest oil and gas exploration company, announced the discovery of oil and gas reserves from an exploratory well in Sindh on Monday.
OGDCL, “As operator with 100% working interest, has discovered oil and gas reserves from a development and exploratory well namely Chak-5 Dim South-3, which is located in District Sanghar, Sindh Province,” according to a notice sent to the Pakistan Stock Exchange (PSX).
According to the exploration company, Chak-5 Dim South-3 was spudded on June 26, 2022, as a development and exploratory well by utilising OGDCL’s in-house expertise.
“Based on the interpretation of wireline logs, Drill Stem Test-1 in the massive sand has tested 2,000 barrels of oil per day (BOPD) and 1.30 million standard cubic feet per day (mmscfd) of gas through choke size 32/64″ at a well head flowing pressure (WHFP) of 994 pounds per square inch (Psi),” OGDCL said.
According to OGDCL, the discovery demonstrates the company’s aggressive exploration strategy. “It has opened a new avenue and will positively contribute to mitigating energy demand and supply gaps from indigenous resources, as well as adding to OGDCL’s and the country’s hydrocarbon reserve base,” the company said.
In a press conference last week, State Minister for Energy reiterated that Russia will provide Pakistan with discounted crude oil. Malik stated that Russia would provide Pakistan with crude at a discount comparable to what the energy giant provides to other countries around the world.
“It (the discount) could be greater than what others are receiving,” he added. Furthermore, the minister stated that the government is currently drafting a gas purchase framework agreement with Azerbaijan.
“Under this framework, we would have a government-to-government level agreement with the State Oil Company of Azerbaijan Republic, largely known as SOCAR, which will provide us with distressed cargoes on a monthly basis, and the Government of Pakistan would have the option to purchase these cargoes at given rates or not. “This will assist us in increasing our gas supply,” he explained.