Inside Financial Markets
OGDCL produces 36,221 BPD oil, 904 MMCFD gas, 714 TPD LPG in 1st quarter - Inside Financial Markets

OGDCL produces 36,221 BPD oil, 904 MMCFD gas, 714 TPD LPG in 1st quarter

-Associated Press of Pakistan

The Oil and Gas Development Company Limited (OGDCL) has produced around 36,221 36,221 BPD crude oil, 904 MMCFD gas and 714 TPD LPG gas during first quarter of the current fiscal year despite coronavirus pandemic and natural decline in existing hydrocarbon deposits.

The company, during corresponding period of the last year, extracted 37560 Barrel Per Day (BPD) crude oil, 960 million Cubic Feet Per Day (MMCFD) gas and 702 Ton Per Day (TPD) Liquefied Petroleum Gas (LPG) Gas, according to the company’s quarterly report available with APP.

The company contributed around 47 percent, 29 percent and 36 percent towards the country’s total oil, natural gas and Liquefied Petroleum Gas (LPG) production respectively during the period under review.

The OGDCL also injected two new wells, producing 65,233 Barrels crude oil and 368 Million Cubic Feet (MMCF) gas, in its production gathering system, besides carrying out 27 work-over jobs at mature fields to arrest natural decline and sustain oil and gas production,

However, the report said, oil and gas output of the company was impacted by natural decline at Dakhni, Kal, Pasakhi and Tando Alam fields coupled with non-revival and partial revival of wells.

During the three-month period, the company spud four exploratory and development wells including Juna-1, Sheen Dund-1, Nangpir-1] and Qadirpur-62, and completed drilling and testing of seven wells pertaining to previous fiscal year. “Whereas total drilling stood at17,620 meters.”

The company, being the market leader in Exploration and Production sector of Pakistan, holds the largest exploration acreage which as of 30 September 2020 stood at 77,591 Square Kilometers (Sq.KM)representing 37 percent of the country’s total area under exploration.

The OGDCL acquired 975 Line Kilometer (LKM) of 2D seismic data in comparison to 556 Line km in the corresponding period last year. The acquired seismic data represented 80 percent of total 2D seismic data acquisition in the country.

Moreover, around 1,271 LKM of 2D seismic data and 1,800 Sq.KM 3D seismic data were also processed using in-house resources.

Despite reduced international oil price due to the ongoing COVID-19 pandemic, the company said it registered Sales Revenue of Rs 59.528 billion as compared to Rs 66.204 billion in first quarter of the last year.

Syed Zaki Hussain

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