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Two new oil and gas wells were discovered in Khyber-Pakhtunkhwa KPK. This discovery was made by a very renowned national company OGDCL (Oil and Gas Development Company Limited).
A notification was sent to the Pakistan Stock Exchange (PSX) by the company as the tests conducted by the exploration firm, indicated 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 Samana Suk Formation.
Similarly, 4.18 MMSCFD of gas and 32 BPD of condensate in a zone in the Lumshiwal/ Hangu formation were shown in the tests.
The notification also revealed that “The discovery of Siab-1 is the result of an aggressive exploration strategy adopted by the company”. The discovery of the deposits was a result of a joint venture of Baratai block, which comprised OGDCL as the operator of the block with 97.5% shareholding and K-P Oil and Gas Company Limited (KPOGCL) holding the remaining 2.5% stake in the block.
As a result of this venture, the OGDC’s share price rose 0.42%, or Rs0.44, and closed at Rs104.37 with 1.82 million shares changing hands at the PSX.
According to tradingeconomics.com 85,000 BPD of oil was produced by Pakistan from January to August 2020, However, the country meets around 80% of its oil demand through imports.