ISLAMABAD: The official sources said on Tuesday that the Oil and Gas Development Company Limited (OGDCL), the country’s leading exploration and production company, will drill 25 new wells during the current financial year.
“Under the target set for the year 2016-17, the company has to dig 25 wells in all provinces and it will hopefully be achieved,†they told. To a question, they informed that the total number of oil and gas discoveries made by exploration and production (E&P) companies during tenure of the current government, had reached the 90 with increase in success rate of drilling from 31 per cent to 55 per cent.
“It means that there is a find after every two drills,†they said and compared that the previous government had succeeded to make just 35 discoveries in the same period. During last three years, the sources said oil and gas exploration companies drilled around 319 wells, out of which 158 were appraisal/developmental wells.
“The figure is 40 per cent higher than the tenure of previous government,†they further said. They said that the incumbent government had so far added 944 mmcfd (million cubic feet per day) gas in the system out of which 466 mmcfd came from new discoveries and 478 mmcfd gas from existing wells. Besides, the sources said that there was an increase of 32,000 barrel per day in crude oil production.
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