Oil and Gas Development Company (OGDC) has made a gas and condensate discovery in its exploratory well Saib-1 in Kohat district of Khyber-Pakhtunkhwa.
According to a statement issued by the oil and gas exploration company, the Saib Well-1 was drilled and tested using OGDC’s in-house expertise.
The well was drilled to the depth of 5,500 metres. Based on the open hole logs data, the well test showed a flow of 1.6 million standard cubic feet of gas per day and 12 barrels per day of condensate with pressure of 190 pounds per square inch (PSI) in Samanasuk Formation.
OGDC is the operator of the well with a 97.5% share whereas Khyber-Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) has a stake of 2.5%.
OGDC said the discovery in Saib Well-1 was the result of an aggressive exploration strategy adopted by the company.
“It has opened a new avenue and will add to the hydrocarbon reserve base of OGDC, KPOGCL and the country as well as contribute to reducing the gap between supply and demand of oil and gas in the country through the exploitation of indigenous resources,” the company said. A few days ago, OGDC found gas and condensate reserves in Togh Bala Well 01 in block number 3,371-10 in Kohat district.
The company is the operator of the well with a 50% share along with Mari Petroleum having 33.33% stake and Saif Energy with a 16.67% share.
Drilling of the well started on June 27, 2020 and it reached a depth of 2,172 metres in the Lockhart Formation.
Late last week, the federal government decided to sell stakes in three profitable companies, including two oil and gas exploration companies. Headed by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh, the Cabinet Committee on Privatisation approved the offloading of 7% stake in OGDC and 10% shares in Pakistan Petroleum Limited (PPL).
