WEB DESK: Oil and Gas Development Company Limited (OGDCL) has successfully boosted production from the Nashpa-4 well located in Khyber Pakhtunkhwa, leading to increased output.
The company shared this achievement in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to announce that OGDCL has successfully revitalized the Nashpa-4 well,” the company stated in its notice.
OGDCL explained that the well underwent reassessment for the upper zone of the Lockhart formation, resulting in a rise 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.
Furthermore, it noted that 21 metric tons per day (MT) of LPG is also being recovered from the well.
“The gas is currently being injected into the SNGPL network,” the company confirmed.
The Nashpa-4 well is situated within the Nashpa Development and Production Lease (D&PL) in the Karak district of Khyber Pakhtunkhwa province.
Nashpa D&PL operates under a joint venture structure, with OGDCL as the operator holding a 56.45% stake, Pakistan Petroleum Limited (PPL) owning 28.55%, and Government Holding Private Limited (GHPL) holding the remaining 15%.
Earlier in May, OGDCL reported a significant increase in oil production from Nashpa Well-10 in the same lease.
OGDCL is the largest exploration and production (E&P) company in Pakistan, involved in exploration, drilling operation services, production, reservoir management, and engineering support.
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The company holds the largest exploration acreage in Pakistan, covering over 40% of the country’s total awarded acreage, with substantial reserves of oil and gas.
For the first six months of the financial year 2023-24, OGDCL reported a Profit After Tax (PAT) of Rs123.3 billion, marking a 30% increase compared to Rs95.01 billion in the same period last year.
OGDCL’s market capitalization on the PSX currently stands at $2.15 billion.
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