The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant
Oil & Gas Development Company Limited (PSX: OGDC) has significantly increased oil production from its Kal-03 well in District Chakwal following a successful workover operation.
Before the intervention, the well was producing about 50 barrels of oil per day under natural flow.
After a planned workover that included Multistage Physico-Chemical (MPC) treatment and the installation of an electric submersible pump (ESP), production has risen to 750 barrels per day.
The enhancement is part of the company’s ongoing production optimization programme aimed at sustaining and improving output from mature fields.
At the time of writing, OGDC’s scrip at the bourse was down by 3.13 percent or Rs. 9.24 at Rs. 285.5 with 14.8 million shares on Monday.