ISLAMABAD, Sept 1: The Oil and Gas Development Company has struck sizable oil and gas quantities in Sinjhoro block, 20 kilometres from Sanghar town in Sindh province.

“Post completion short duration test on half inch choke size, the Resham well has produced 1,400 barrels of condensate and six million cubic feet of gas per day at a wellhead flowing pressure of 251 PSI having an API gravity of 52 degrees”, the company announced here on Sunday.

The discovery at Resham well-1 in Sinjhoro exploration licence is the second in a week’s time and fourth in a row during the current year each from a distinctly different reservoir horizons. Orient Petroleum Inc is the joint venture partner with OGDCL in the Sinjhoro block.

On Wednesday last, the company had announced discovery of 425 barrels of condensate from its Chak-02 well in the same region.

All these discoveries would together produce about 8,000 barrels of oil and 40 million cubic feet of gas per day. Total contribution from these discoveries in financial terms is estimated at around $116 million per annum through import substitution.

With this, the total oil production by the OGDCL has increased to 24,500 barrels per day against 20,500 barrels per day last year mainly because of concentration on workovers on various wells. The company claimed that carrying out of workovers has added another $35 million per year import substitution.

Besides this, the company’s production also include around 800 million cubic feet of gas, 210 metric tons of liquefied petroleum gas and 60 tons of sulphur per day.

Moreover, the company carries 6,000 barrels of oil, 160 million cubic feet of gas and 75 metric tons of LPG per day from its 24 non-operated joint ventures.

The company is targeting to yield another 6,500 barrels of oil, 180 million cubic feet of gas and around 150 tons of LPG per day by June next years through drilling of 21 wells and 16 exploratory wells.