Oil & Gas Development Company Limited (OGDCL) has commenced production from the Wali (Bettani) oil and gas field situated in District Lakki Marwat, Khyber Pakhtunkhwa, the company informed the Pakistan Stock Exchange on Thursday.
OGDCL has successfully completed the installation of an early production facility to fast-track the monetization of hydrocarbons. The Wali (Bettani) Gas Field is now operationally ready with daily production rates of 1,000 BBLS/Day for oil production (Qoil) and 10 MMSCF/Day for gas production (Qgas), according to the filing.
“Within the next 24 hours, OGDCL will initiate production from the Wali (Bettani) Gas Field, seamlessly integrating it into the national grid,” the filing added.
It further said, “Going forward OGDCL will drill two additional wells i.e. Wali Deep #1 and Wali # 02 and upon completion, the gas production would enhance to 50 MMSCF/Day (approximately)”.
The company’s scrip at the bourse closed at Rs. 76.37, down 1.66 percent or Rs. 1.29 with a turnover of 2,042,241 shares on Thursday.