KARACHI, May 23: The Oil and Gas Development Company Ltd (OGDCL) announced a new discovery on Wednesday, bringing the total number of discoveries to five over the past two months.

The discoveries will push OGDCL daily oil and gas output up by 1,746 barrels per day and 44.12 million metric cubic feet, respectively.

According to the company, the discovery was made in Thora and Thora East Mining Lease, situated in southern Sindh, which increased the company’s oil production by 100 barrels per day and gas production by 9.9 million metric cubic feet per day.

In April, OGDCL’s average daily oil and gas production stood at 39,099 barrels and 881 million metric cubic feet, with the maximum daily output touching 41,130 barrels and 892 million metric cubic feet, according to the company’s spokesman.

OGDCL, which is also listed on the London Stock Exchange, said in October it planned to invest about $2 billion over the next three years on exploration and production activities. It also hopes to enter its first overseas exploration venture this year.—Reuters