KARACHI: The Oil and Gas Development Company Limited (OGDC), the biggest company in the country in terms of energy reserves, disclosed on Thursday that the joint venture of Guddu Block, comprising OGDC as operator with 70 per cent interest, together with IPRTOC 11.5pc; SEPL 13.5pc and Government Holding (Pvt) Limited having a 5pc stake, discovered gas from its exploratory well, Maru East No 1, located in district Ghotki.

In a filing with the three stock exchanges in the country and the London Stock Exchange Plc, the company secretary of the oil and gas giant says: “The structure of Maru East Well No 1 was delineated drilled and tested using OGDC's in-house expertise.”

The well was drilled down to the depth of 770 metres, targeting to test the hydrocarbon potential of Pirkoh Limestone, whereby reserves of hydrocarbon were found at Maru East Well No 1.

The zone was tested 2.10mmscfd of gas through 32/64 inches choke and flow rates were expected to enhance after acid stimulation treatment.

“The discovery of Maru East Well No 1 will add to hydrocarbon reserves of OGDC, JV partners and the country,” the company stated.

The information was conveyed to the investors to comply with clause (xiii) of the Listing Regulation No 35 under the “Code of Corporate Governance.”

The OGDC has the largest exploration acreage in the country, covering an area of 51,307.35sq kms.

The company’s concession portfolio constitutes 33 owned and operated joint ventures (JV) exploration licences, in addition to having working interest ownership in six blocks operated by other exploration and production companies. “OGDC’s total remaining recoverable reserves stand at 211 million barrels of oil and 10,150 billion cubic feet of gas,” the company stated in a reply to queries a short time ago.

On the stock exchange, OGDC is a giant among the 559 listed companies.

With as many as 4.3bn outstanding shares, the paid-up capital of the company stands tall at Rs43bn. But that is just the tip of the iceberg.

The share of the par value of Rs10 in OGDC closed on Thursday at Rs259, which values the entire company at Rs1.114 trillion. The government holds three-quarters of the company equity.