New oil, gas deposits found in Kohat

Karachi: The Oil & Gas Development Company (OGDC) has found new oil and gas deposits in the Kohat district of Khyber Pakhtunkhwa (KP), a news source reported. The company has discovered the deposits within the development well No 5 in the district.

Read: Joint venture of OGDC discovers gas, oil in Kohat

OGDC Company Secretary Ahmed Hayat Lak sent a notification in this regard to the Pakistan Stock Exchange (PSX) on Tuesday. The notification stated that the tests conducted on the well reveal a flow of 76 barrels of crude oil per day, and 0.512 million standard cube feet of gas per day (mmscfd).

Mr Lak stated that this is the first ever discovery of crude oil and gas deposits in the Wargal formation in the Chanda oil field.

The OGDC, Government Holdings (Private) Limited, and Zaver Petroleum Corporation (Private) Limited made up the joint venture of the Chanda development & production lease.

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While OGDC is the operator with a 72% share, Government Holdings and Zaver Petroleum have 17.5% and 10.5% shares, respectively.

Mr Lak also said that the discovery at the Chanda Well No 5 was the result of OGDC’s aggressive exploration strategy.