Oil and Gas Development Company Limited (OGDCL) has successfully revitalised production from Nashpa-4 located in Khyber Pakhtunkhwa, resulting in enhanced production from the well.
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to announce that Oil and Gas Development Company Limited (OGDCL) has successfully revitalized Nashpa-4 well,” said the company in its notice.
OGDC stated that the well was re-evaluated for the potential of the upper zone of the Lockhart formation, resulting in an increase of 330 barrels per day (bpd) of oil and 7.7 million standard cubic feet per day (MMSCF) of gas at a wellhead flowing pressure (WHFP) of 1570 PSI.
Additionally, 21 metric tons per day (MT) of LPG is being recovered, it added.
PPL sees significant boost in oil & gas production
“The gas is now being injected into the SNGPL network,” said the company.
Nashpa-4 well is situated within the Nashpa Development and Production Lease (D&PL) in the Karak district of the Khyber Pakhtunkhwa province.
Nashpa D&PL operates under a joint venture, wherein OGDCL as operator, possessing a 56.45% stake, alongside Pakistan Petroleum Limited (PPL) with a 28.55% share, and Government Holding Private Limited (GHPL) holds 15% share.
Back in May, OGDC registered a significant increase in oil production from Nashpa Well-10 in Nashpa Development and Production Lease (D&PL).
OGDC is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support.
The company has the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total acreage awarded with net hydrocarbons of oil and gas.
For the first six months of the financial year 2023-24, the company reported a PAT of Rs123.3 billion, up 30% as compared to Rs95.01 billion in same period last year.
The market capitalisation of OGDC at the PSX stands at $2.15 billion.
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