ISLAMABAD, Jan 4: The newly-discovered oil well of the Oil and Gas Development Company (OGDCL) at Dakhni fields, Attock, will generate revenues amounting to Rs1 billion per year, said Minister for Petroleum and Natural Resources Amanullah Khan Jadoon.

He was speaking at a public meeting after inauguration of well No 8 and spud-in of well No 9 at Dakhni oil fields. A statement issued here on Tuesday said the new well would produce additional 11 MMCF gas and 750 barrels of oil per day. The production of Dakhni oil field would reach 1,200 barrels, it added.

The minister said the recent discoveries of oil and gas had not only cut down the oil import difference but also gave a helping hand in stabilising the economy.

He said the government was encouraging local and foreign investors in the oil and gas development activities to put the country on road to self-reliance in petroleum exploration and production. Attock District Nazim Tahir Sadiq and OGDCL Managing-Director Najam Kamal Hyder also spoke.