The Oil and Gas Development Company Limited (OGDCL) has made its first discovery of 2020.
In a notification to the PSX, the company has announced the discovery of gas and condensate in the exploratory well located in Khairpur, Sindh.
The joint venture of Ranipur Block, comprising OGDCL as the operator which holds 95% working interest along with Government Holdings Private Limited (GHPL) with 2.5% and Sindh Energy Holding Company (Private) Limited (SEHCL) 2.5%, has discovered gas and condensate in the exploratory well Metlo 01, which is located in district Khairpur, Sindh.
The notification further reads that Metlo-1 was spud on November 17, 2019 and reached a depth of 1504 meters inside Upper Goru Formation. Based on wireline logs, drill stem test (DST) was conducted in Ranikot Formation and Sui Main Limestone.
The well has tested for 1.85 million cubit feet per day of gas, 6 barrels per day of condensate and 38 barrels of water through 32/64” choke at wellhead flowing pressure of 285 pounds per square inch (Psi) from lower Ranikot Formation.
The discovery of Metlo-1 is the result of an aggressive exploration strategy adopted by the company.
It has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL, GHPL, SEHCL and the country and will contribute to reducing the gap between supply and demand of gas in the country through the exploitation of indigenous resources. It is worth mentioning that OGDCL, being the market leader in the E&P sector of Pakistan, holds the largest exploration acreage.
At the time of filing this report, OGDC’s shares at the bourse were trading at Rs. 143.73, up by 0.48% or Rs. 0.68 with a turnover of 1.46 million shares on Friday.