The Oil and Gas Development Company Limited (PSX: OGDC), plans to increase production over the next few years from its existing wells, reported Bloomberg.
The exploration company aims to boost oil production to approximately 50,000 barrels per day within the next four to five years. It further seeks to raise natural gas production from 720 million cubic feet per day to over 900 million cubic feet per day, Chief Executive Officer Ahmed Hayat Lak said in an interview.
The company is implementing a production optimization program aimed at reversing the decline in output.
Pakistan heavily relies on energy imports and has faced declining domestic production due to aging oil and gas fields. OGDCL currently accounts for 46 percent of Pakistan’s total oil production and 28 percent of its natural gas output.
OGDC holds a stake in the Reko Diq gold and copper mining project and plans to retain a portion of these shares if a foreign investor (most likely Saudi Arabia) plans to buy them in the near future.
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