Significant Gas Reserves Found in Sindh by OGDCL

The Khewari block in Sindh has yielded a noteworthy discovery of oil and gas, which has been declared by OGDCL, the largest oil and gas firm in Pakistan. The business reported its results to the Pakistan Stock Exchange, stating that significant reserves of gas and condensate had been found as a result of their successful drilling of the Kharo-1 well.

OGDCL, which owns a 95% share in the Khewari Block, drilled and tested at the Kharo-1 well, which is 3,762 meters deep. With an expected production rate of 14.3 million standard cubic feet per day (MMSCFD) of gas and 93 barrels per day (bbls/d) of condensate, the exploration produced encouraging results.

The oil and gas reserves of OGDCL and its partners are anticipated to increase as a result of this finding, strengthening Pakistan’s energy resources. It also represents a step forward in the nation’s attempts to ensure the security and sustainability of its energy supply.

Relatedly, OGDCL and other businesses have been awarded exploration licenses by the Pakistani government for eight blocks, including Kotra East, Murradi, Sehwan, and Zindan-II. The purpose of this action is to boost additional exploration efforts and broaden the nation’s energy sources.

The financial results of OGDCL’s first quarter of FY24, which ended on September 30, 2023, demonstrate the company’s strong market position. During this time, the company recorded net sales of Rs 120.141 billion and profit before taxes of Rs 86.174 billion. These numbers highlight OGDCL’s important economic contribution to Pakistan and its oil and gas industry’s sustained growth trajectory.

OGDCL has demonstrated its critical role in developing Pakistan’s energy landscape and promoting economic development through its recent discoveries and exploration efforts, as well as its outstanding financial performance.