OGDCL announces major oil, gas discovery in Kohat

KOHAT: In a significant development, fresh oil and gas reserves have been discovered in Kohat district, Khyber Pakhtunkhwa, marking the third such discovery in the region since the start of January.

The Oil and Gas Development Company Limited (OGDCL) confirmed that the latest find occurred at the Baragzai X-01 (Slant) well in the Nashpa Block. The well, drilled to a depth of 5,170 meters, successfully yielded 3,100 barrels of oil per day and 8.15 million standard cubic feet of gas per day.

According to OGDC, the well flowed through a 3/64-inch choke at a wellhead pressure of 3,010 pounds per square inch gauge, confirming the commercial viability of the discovery.

This discovery marks OGDC’s third in Kohat within just one month. Combined, these discoveries are producing 9,480 barrels of oil per day, accounting for approximately 14.5 per cent of Pakistan’s current domestic crude oil production. Officials expect the new output to help narrow the country’s energy supply-demand gap and reduce dependence on expensive oil imports.

On the financial side, OGDC reported that this discovery is projected to increase its annual earnings per share by about Rs1.50 and Pakistan Petroleum Limited’s (PPL) by Rs1.10, with a total estimated impact of Rs4.53 per share for OGDC and Rs3.31 per share for PPL.

Arif Habib Limited also expressed optimism regarding the potential benefits of the latest exploration.