- Joined
- Aug 30, 2012
- Messages
- 5,895
- Likes
- 497
KARACHI: The Oil and Gas Development Company Limited (OGDCL) has discovered gas from the exploratory well Suleman-01, located in District Khairpur, Sindh, according to an official notice on Thursday.
Joint venture of Khewari Bloc comprising Oil and Gas Development Company Limited, as operator having working interest of 95 percent and the Government Holdings (Pvt) Limited with five percent carried stakes, has discovered gas from the exploratory well Suleman-01, located in District Khairpur, Sindh, it said. The structure of Suleman-01 was drilled down to the depth of 4,575 metres and the well successfully recorded flows at 20mmcfd.
"The discovery is like to have a positive annualised EPS impact of two percent on OGDCL, owing to its post-commerciality stake of 75 percent in the field. We believe, the flows are likely to materialise from FY14," said Atif Zafar at JS Global.
The company holds the largest exploration acreage in the country, covering an area of 61,079 Sq-km, which includes 34 owned and operated joint venture exploration licences.
In addition to this, OGDCL have working interest ownership in seven blocs operated by other exploration and production companies, it said.
The company is actively participating in the offshore exploration activities. In this context, geological and geophysical studies pertaining to Offshore Bloc-R and Eastern Offshore Indus-A has been completed and evaluation of results is under process. Furthermore, an extension of one-year is applied for the aforesaid blocs to carry out some special studies, it said.
The company is also involved in evaluation of different overseas exploration blocs for which a committee has been constituted to discuss and finalise the farm-in / farm-out opportunities for acquisition of oil reserves in the domestic and international markets.
OGDCL discovers gas in Sindh - thenews.com.pk
Joint venture of Khewari Bloc comprising Oil and Gas Development Company Limited, as operator having working interest of 95 percent and the Government Holdings (Pvt) Limited with five percent carried stakes, has discovered gas from the exploratory well Suleman-01, located in District Khairpur, Sindh, it said. The structure of Suleman-01 was drilled down to the depth of 4,575 metres and the well successfully recorded flows at 20mmcfd.
"The discovery is like to have a positive annualised EPS impact of two percent on OGDCL, owing to its post-commerciality stake of 75 percent in the field. We believe, the flows are likely to materialise from FY14," said Atif Zafar at JS Global.
The company holds the largest exploration acreage in the country, covering an area of 61,079 Sq-km, which includes 34 owned and operated joint venture exploration licences.
In addition to this, OGDCL have working interest ownership in seven blocs operated by other exploration and production companies, it said.
The company is actively participating in the offshore exploration activities. In this context, geological and geophysical studies pertaining to Offshore Bloc-R and Eastern Offshore Indus-A has been completed and evaluation of results is under process. Furthermore, an extension of one-year is applied for the aforesaid blocs to carry out some special studies, it said.
The company is also involved in evaluation of different overseas exploration blocs for which a committee has been constituted to discuss and finalise the farm-in / farm-out opportunities for acquisition of oil reserves in the domestic and international markets.
OGDCL discovers gas in Sindh - thenews.com.pk
