OGDCL to drill 25 new wells in current year

ISLAMABAD, Pakistan: The Oil and Gas Development Company Limited (OGDCL), the country’s leading exploration and production company, would drill 25 new wells during the current financial year, official sources said Tuesday.

“Under the target set for the year 2016-17, the company has to dig 25 wells in all provinces and it will hopefully be achieved,” they told the state-run news agency.

Answering a question, they informed that the total number of oil and gas discoveries made by exploration and production (E&P) companies during tenure of the current government, had reached the 90 with increase in success rate of drilling from 31 percent to 55 percent.

“It means that there is a find after every two drills,” they said and compared that the previous government had succeeded to make just 35 discoveries in the same period.

During last three years, the sources said oil and gas exploration companies drilled around 319 wells, out of which 158 were appraisal/developmental wells. “The figure is 40 percent higher than the tenure of previous government,” he added.

They said the current government had so far added 944 mmcfd (million cubic feet per day) gas in the system out of which 466 mmcfd came from new discoveries and 478 mmcfd gas from existing wells.

Besides, the sources said, there was an increase of 32,000 barrel per day in crude oil production.