The News reported that the Oil and Gas Development Company Limited’s exploration efforts are yielding positive results making a new oil discovery in Khyber and Pakhtunkhwa province.
The sources said that this discovery will add to the hydrocarbon reserves base of the company and JV partners bringing significant savings to the country in terms of oil import bill.
The OGDCL, operator of Nashpa Exploration Licence together with its JV partners, Pakistan Petroleum Limited and the Government Holdings Private Limited have discovered a new hydrocarbon bearing horizon from its appraisal well Nashpa 02, located in District Karak, Khyber Pakhtunkhwa.
The structure of the well was delineated, drilled and tested utilizing indigenous expertise. Nashpa Well No. 02 was drilled down to the depth of 4,340 meters, targeting to test the oil and gas potential of Datta, Shinawari, Samanasuk, Lumshiwal, Hangu and Lockhart formations.
Significant reserves of hydrocarbons have been found at Nashpa Well No. II. The first targeted zone Datta Sandstone has been tested and it produced 3,370 barrels per day of crude oil and 11MMCFD gas through 32/64 choke at the wellhead flowing pressure of 3,800 psi.
The sources said that the testing of another four potential reservoir formations will also be undertaken wherein similar encouraging results are expected. The full flow potential of this well and the extent of the discovery will be determined after completing the testing program. Meanwhile, the OGDCL’s net sales increased to PKR 44.686 billion against PKR 39.452 billion during the corresponding period last year.
The net profit before tax increased to PKR 31.098 billion against PKR 24.137 billion during the corresponding period last year. The net profit after tax increased to PKR 21.915 billion against PKR 16.710 billion in the corresponding period last year, translating into an earnings per share of PKR 5.10.
The sources also said that the operating profit margin and net profit margin were 64% and 49% respectively. The company’s average net realized price of crude oil sold was USD 82.78 per barrel against USD 61.92 per barrel during the corresponding period last year. The average net realized price for natural gas sold was PKR 218.32 per million cubic feet against PKR 216.50 per MCF during the corresponding period last year.
(Sourced from www.thenews.com.pk)
