ISLAMABAD, July 14: The Oil and Gas Development Company Limited (OGDCL) has reported seven per cent increase in oil production to 5,922,059 barrels during the first nine months (July-March) of 2002-03 as compared to 5,533,906 barrels during the same period of 2001-02.

During this period 12 more exploratory wells and one development well has been added to the existing network of oil production.

Moreover, drilling meterage enhanced by 160 per cent to 43,315 metres during 2002-03 as compared to 16,654 metres the same period of 2001-02.

According to official sources here on Monday, the company was also producing 200,217 million cubic feet per day gas, 50,944 tons of LPG and 12,083 tons of sulphur.

The present daily production stood at 21,613 barrels of oil, 731 million cubic feet of natural gas, 186 tons of LPG and 44 tons of sulphur respectively.

The company’s remaining recoverable reserves as of December, 2002 comprised 10.05 trillion cubic feet of gas and 145 million barrels of oil.

The OGDCL’s average oil production including non-operated Joint Venture’s was 29,318 barrels of oil per day and 882 million cubic feet of gas per day.

Since inception to March this year, OGDCL, the largest oil exploration and production company in the country, has drilled 176 exploratory wells and 229 development wells.—APP