ISLAMABAD: The state-run Oil and Gas Development Company Limited (OGDC) on Wednesday announced discovery of new reserves in Karak district of Khyber Pakhtunkhwa, which would boost its daily oil output by about 8 per cent.

A company spokesman said the Nashpa-3 well located in Karak district initially produced 3,165 barrels per day (bpd) of oil and about 15 million cubic feet per day (mmcfd) of gas, boosting the total production in the Nashpa region to about 11,165bpd of oil and 43mmcfd of gas. The total oil production of the company would now increase to about 44,610bpd or 64 per cent of the country’s total oil output while gas output would go up to approximately 1,030mmcfd.

The country’s total oil production has increased to about 72,500bpd against the total consumption of about 300,000bpd.

The OGDC spokesman said all the employees of the company would be paid a one-month basic pay as bonus on the discovery of the reserves.

“The structure of Nashpa-3 well was delineated, evaluated, drilled and tested utilising indigenous expertise,” he said. The oil produced from the well would initially be put into the system through bowzers (oil tankers) because building a pipeline would take some time.

Besides OGDC, Nashpa-3 has shareholding from Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL).

After Drill Stem Testing (DST) in new horizons of Samanasuk, Lumshiwal and Hangu formations, significant reserves of hydrocarbons have been confirmed at Nashpa-3 well.

The actual flow potential of the well will be established later.