Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has discovered tight gas at its exploratory well Nur West # 01, located in the district Sujawal, Sindh.
The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“By the Grace of Almighty Allah, Oil & Gas Development Company Limited (OGDCL) as operator (100%) of Nur Development & Production Lease (D&PL) has discovered gas at its exploratory Well Nur West # 01, located in district Sujawal, Sindh Province,” read the notice.
According to OGDCL, the Nur West # 01 structure was tested and drilled down to 2,975 meters utilizing the company’s in-house expertise.
“The Lower Goru Formation gas was tested at a wellhead flowing pressure of 150 pounds per square inch (psi) using a 32/64″ choke and 1.24 million standard cubic feet per day (MMSCFD).”
The discovery is being assessed as tight gas, according to OGDCL.
One of the main unconventional resources is tight gas, which is a type of natural gas that does not naturally flow at commercial rates using conventional methods.
According to OGDCL, the discovery at Nur West # 01 opens up new possibilities and will strengthen the nation’s and the company’s hydrocarbon reserve base.
The notification stated, “OGDCL has fast-tracked implementation of its tight gas exploration program, underlining its commitment to enhancing energy resources in furtherance of strategic direction.”
The federal government created the Tight Gas (Exploration & Production) Policy 2024 back in February to encourage the oil and gas sector to invest in unconventional hydrocarbons.
The government aimed to stimulate tight gas development in a way that was both technically and financially feasible by implementing this strategy.
According to OGDCL’s most recent financial reports, the company’s first quarter fiscal year ended September 30, 2023, with net revenues of Rs 120.141 billion. During that time, the company’s profit before taxes came to Rs 86.174 billion.
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