OGDCL revives well in Sindh, achieves oil & gas production

Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) company, has revived an oil well located in Tando Allah Yar district, Sindh.

Following the revival, OGDCL achieved hydrocarbon production. The company announced this development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“OGDCL is pleased to announce the successful revival of Dars West-2 Well, achieving hydrocarbon production from a new interval; the B-Sand of the Lower Goru Formation,” stated the notice.

The E&P was of the view that the achievement underscores its commitment to maximising hydrocarbon recovery through innovative and efficient rigless interventions.

“As previously announced by the company on December 8, 2023, Dars West-2 Well was completed in the C-Sand of the Lower Goru Formation and integrated into the production system on 31st January 2024.

“However, due to a decline in wellhead production, the well ceased to flow on September 24, 2024,“it shared.

OGDCL added that subsequent analysis, including a Bottom Hole Pressure & Temperature (BHP&T) survey, revealed no further production prospects in the C-Sand interval.

“Following this assessment, the C-Sand was isolated, and the well was successfully perforated and completed in the B-Sand of the Lower Goru Formation.

“Currently, Dars West-2 Well is contributing 200 barrels per day (bpd) of oil, 8 million standard cubic feet per day (mmscfd) of gas, and 37 metric tons per day (mtd) of liquefied petroleum gas (LPG),” stated the company.

OGDCL said that the produced gas is being processed at its Kunnar Pasakhi Deep-Tando Allah Yar Plant and is integrated into Sui Southern Gas Company Limited (SSGCL) network, supporting the national gas supply.

Located in Sindh, the Dars West-2 Well lies within the Dars West Development and Production Lease (D&PL), with OGDCL serving as the operator (77.5% working interest) and GHPL as a joint venture partner (22.5% carried).

Recently, OGDCL revived a heavy oil well within its northern region field located in Punjab.

As per the company’s latest financial results, OGDCL reported a profit-after-tax (PAT) of Rs41.02 billion for the quarter ended September 30, 2024, a decline of over 16% as compared to Rs49.03 billion in the same period of the previous year.

Earnings per share (EPS) were recorded at Rs9.54 in 1QFY25 as compared to EPS of Rs11.40 in the same period of the previous year.