KARACHI: The Oil and Gas Development Company (OGDC) has discovered reserves of hydrocarbon in the exploratory well Pasakhi deep well No 4 in Hyderabad district, Company Secretary Ahmed Hayat Lak told stock exchanges on Friday.

The oil and gas giant has 100 per cent working interest in Pasakhi lease.

“The structure of Pasakhi deep well No 4 was delineated, drilled and tested using OGDCL’s in-house expertise,” the company official said.

Know more: OGDCL earns record Rs124bn in FY14

The well was drilled down to the depth of 3,460m, targeting to test the hydrocarbon potential of massive sands of lower Goru formation where the company hit on the hydrocarbon reserves.

The OGDC said that the zone had been tested with 14.015mmscfd of gas and 125bpd of condensate at 36/64inch choke size.

“This discovery of hydrocarbon in Pasakhi deep well No 4 will add to the hydrocarbon reserves base of OGDCL,” the company asserted.

Analyst Mohammad Affan Ismail at brokerage BMA Capital commented that the discovery, which stands at 14.02mmcfd of gas and 125bpd of oil would slightly impact the company’s annualised earnings.

Quoting Pakistan Petroleum Information Service (PPIS), the analyst observed that OGDC was further pursuing exploratory drilling in seven more wells (four wells were near completion) mainly in gas rich Sindh and Balochistan regions.

Published in Dawn, August 9th, 2014