Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) company, has revived a heavy oil well within its northern region field located in Punjab.
The company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“The initiative was undertaken at the Rajian Oil Field, located in Gujar Khan EL, district Chakwal, and represents a strategic step towards enhancing production capabilities,” OGDCL stated in its notice.
According to the E&P company, the field’s four heavy oil-producing wells were previously contributing 1,500 barrels per day (bpd). With the revival of Rajian-3A, cumulative production has now increased to 2,500bpd.
OGDCL shared that it developed a comprehensive plan to optimise production from the Rajian field, focusing on executing 11 workover jobs and implementing advanced artificial lift systems.
“The first target for this initiative was Rajian-3A, which extends to a depth of 3,652 meters. This well had to be temporarily suspended in 2020 due to formation challenges.
However, OGDCL’s innovative approach involved completing the well with an Electrical Submersible Pump (ESP) in the Chorgali-Sakessar and Tobra formations.
“This effort successfully revived production at the well, augmenting output to 1,000bpd,” OGDCL said.
“With the optimization program for the remaining 10 wells underway, OGDCL anticipates a significant boost in production from the Rajian field. Additionally, OGDCL-owned Rig N-4, deployed for the implementation of the program, will remain at the Rajian field for the entire duration,” it added.
OGDCL emphasized that the production enhancement reflects the company’s “commitment to operational efficiency and its pivotal role in enhancing Pakistan’s energy landscape, solidifying its position as a leader in the hydrocarbon sector”.
Last month, OGDCL initiated production of natural gas from the Uch-35 development well, located in Dera Bugti district, Balochistan.
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.
American Dollar Exchange Rate