Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) company, has successfully revived and enhanced the production of an oil well located in Hyderabad district, Sindh.
The company announced this development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“Oil & Gas Development Company Limited (OGDCL) is pleased to announce the successful revival and enhanced production of oil from Pasakhi-5 well, located in District Hyderabad, Sindh,” read the notice.
The E&P shared that the well is part of the Pasakhi Development & Production Lease (D&PL) in which OGDCL holds a 100% working interest.
“As part of a strategic optimization initiative, OGDCL deployed a rig to install an artificial lift system (ESP),” the company informed.
It shared that the Pasakhi-5 well was previously producing 480 barrels of oil per day (bpd) on natural flow. Following the installation, production has increased to 900 BPD, reflecting a notable increment of 420 BPD.
“This achievement underscores OGDCL’s commitment to leveraging innovative technologies to maximize energy output, ensure a sustainable energy supply, and enhance Pakistan’s energy resources, thereby contributing to the nation’s economic growth,” the company said.
Just days ago, OGDCL revived an oil well located in Tando Allah Yar district, Sindh.
The E&P also commenced production of oil and gas from its Kunnar West Well-3 located in Hyderabad district, Sindh.
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.
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