| Sanghar: Oil & Gas Development Company Limited (OGDCL), the largest exploration and production company in Pakistan, has officially commenced oil and gas production from its exploratory well Baloch-2, located in the Sanghar district of Sindh. The announcement was made in a notice to the Pakistan Stock Exchange (PSX) on October 24.
Read: OGDCL reports record profit of PKR 208.976 bn for fiscal year 2023-24
As per details, the company highlighted that its in-house expertise played a crucial role in delineating, drilling, and testing the well. Drilled to a depth of 3,920 meters, Baloch-2 is currently producing approximately 350 barrels of oil per day (bpd) and 5 million standard cubic feet of gas per day (mmscfd).
The production from this well is linked to the Sinjhoro Processing Plant, with the gas being injected into the network of Sui Southern Gas Company Limited (SSGCL). This project represents a collaborative effort, with OGDCL holding a 76% working interest, Orient Petroleum Inc. contributing 19%, and GHPL with a 5% stake.
Read: OGDCL announces major gas discovery in RYK
OGDCL reiterated its commitment to accelerating exploration, drilling, and production activities to bolster national energy security and contribute to Pakistan’s sustainable development. In August, OGDCL announced a significant milestone with the discovery of gas condensate reserves at the Baloch-2 well, marking a notable achievement in the Sinjhoro block from the Sembar Formation.
According to OGDCL’s latest financial results, the company reported a profit after tax (PAT) of Rs 208.98 billion for the fiscal year ending June 30, 2024. This figure reflects a decline of nearly 7% compared to Rs 224.62 billion during the same period the previous year. Additionally, the company declared a final cash dividend of PKR 4 per share, equating to 40%. |
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