OGDCL drills 11 new wells, makes two discoveries in nine months.

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has drilled 11 new wells, including six exploratory/ appraisal and five development wells, and made two discoveries during three quarters of the current fiscal year.

The company's exploratory efforts yielded two oil and gas discoveries namely Chanda-1 and Mela-5 both in Kohat district of Khyber Pakhtunkwa from where cumulative daily production of 795 barrels (bbl) of oil and 2.45 million cubic feet (mmcf) of gas was expected, according to the company's 3rd quarterly financial report available with APP.

During the period, the OGDCL's net sales increased to Rs 192.047 billion as compared to Rs 147.712 billion in the corresponding period last year.

While, net profit after taxation stood at Rs 85.312 billion against Rs 56.821 billion of nine months of the last year.

The company, being the country's leading oil and gas Exploration Company, has completed 707 Line Kms of 2D and 620 Sq. Kms of 3D seismic surveys during the period under review.

The company's net crude oil production stood at 40,952 bbl per day, net gas production of 1,010 mmcf per day, net LPG production of 819 metric ton (mt) per day and net Sulphur production 63 mt per day.

With a portfolio of...