OGDCL has shut down media reports of discovering huge oil and gas reserves in Sindh.
In a notification to Pakistan Stock Exchange, the company revealed that the information circulating in the media is factually incorrect. It has neither shared any information in this regard nor has the company far drilled a shale well.
The media report said that OGDCL had found 95 trillion cubic feet (TCF) of shale gas and 14 billion stock tank barrel (BSTB) tight oil reserves, that were enough to meet the country’s requirement for the next 90 years, which turned out to be fake.
This 95 TCF amount is Pakistan’s actual shale and tight gas reserves. The oil/gas exploring company’s shares rose in early morning trading but it lost the gains after Bloomberg reported the news about the discovery being fake.
OGDC is still working on a Shale Pilot Project which includes drilling of a shale well at a future date, said the company.
The company noted that it disseminates all material information to relevant stakeholders including Pakistan Stock Exchange and London Stock Exchange as per compliance and regulatory requirements.
Therefore, the company has asked to ignore all the information that is not issued by OGDCL itself.