Karachi: The Oil and Gas Development Company (OGDC) has discovered new deposits of oil and gas in an exploratory well located near the Sanghar district of Sindh – a news source reported. The well has tested positive for 9.12 million standard cubic feet per day (mmscfd) of gas and 520 barrels per day (bpd) of oil, according to a notification issued by OGDC.
It added that the discovery was made in collaboration with a joint venture firm, Bitrism Block.
Bitrism Block comprises of OGDC as the operator with 95% shareholding and Government Holdings Private Limited with 5% shareholding.
The notification revealed that the structure of the well titled Pandhi No 1 was delineated, drilled and tested using OGDC’s in-house expertise.
The discovery, the company revealed, is the result of an aggressive exploration strategy adopted by the company in pursuance of government’s directive to explore and produce local oil and gas. The discovery will add to the hydrocarbon reserves of OGDC and the country.
Pakistan has to import around 80% of the oil and gas required for its energy needs which is the one of the major causes of the country’s balance of payment issues.