Country's state-owned largest exploration and production firm -Oil and Gas Development Company Limited (OGDCL) has successfully acquired a contract from federal government for oil exploration of an offshore block.
In this regard, the offshore block No 2266-8 (Off-shore-S) located in Arabian Sea and the company is scheduled to sign the formal production sharing agreement with the Government Holding Private Limited (GHPL) on Thursday. The company is also bidding for three more offshore blocks and formal awards are expected in due course of time.
The new acquired block was provisionally granted on December 27, 2005. Area of the block is 2129.91 sq kms and grid area is 26.06 with minimum work commitment in Phase-I is 156.36 work units. In 2005-06, the government granted 16 licences to the OGDCL for exploration of oil and gas across the country out of a total of 33 licences.
The average production of oil and gas for the period July 2005 to June 2006 from OGDCL operated fields was 31,511 barrels per day and 847 MMcfd of gas respectively.
The OGDCL's average share of oil production from non-operated joint ventures (JV's) was 8,559 barrels of oil per day and gas 226 MMCFD, which constitutes 61 percent and 28 percent each of the country's total production of oil and gas.
The company has earmarked 50 exploratory and development wells (09 wells, in Balochistan subject to security clearance) for the year 2006-07. The drilling of appraisal and development wells hinges upon the number of discoveries achieved after drilling exploratory wells.
The production of 56,570 barrels oil per day (45,000 barrels from OGDCL's own fields and 11,570 shares from JVs), 1,346 MMCFD of gas (1,093 MMCFD from own fields and 253 MMCFD share from JVs). Pakistan so far drilled 14 offshore wells and non-of them (wells) produce economically viable results for further productions.
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