he Oil and Gas Development Company Limited (OGDCL) claimed on Tuesday to have discovered oil and gas reserves at its Chanda Well-05 in Khyber-Pakhtunkhwa’s (K-P) Kohat district. According to a preliminary test, the well could produce 76 Barrel per Day (BPD) of crude oil, and 0.512 Million Standard Cubic Feet per Day of (MMSCFD) gas. “This is the first discovery of crude oil and gas from Wargal Formation in Chanda Oil Field,” an OGDCL statement said. The Well-05 was drilled 5,440 meters deep and tested using the OGDCL’s in house expertise, the statement added. The OGDCL is operator of the Chanda Well with 72 per cent shares, while Government Holdings (Private) Limited (GHPL) and Zaver Petroleum Corporation (Private) Limited (ZPCL) having 17.5 per cent and 10.5 per cent shares respectively.
The discovery was the result of aggressive exploration strategy adopted by the company, which opened “a new avenue in K-P for exploration of deeper prospects for other exploration and production companies operating in the area,” stated the communique, adding that “it [discovery] will certainly add to the hydrocarbon reserves base of the country.” Earlier in July, the company had found new oil and gas deposits in exploratory well in Sanghar district of Sindh. Oil and Gas Development Company Ltd (OGDC), operator of the Chanda — development and production lease — with joint venture partners Gov¬ern¬¬ment Holdings Private Ltd (GHPL) and Zaver Pet¬roleum Corporation Ltd (ZPCL).
In a filing with the PSX, the company stated that the structure of Chanda Well No.1 was tested during work over using OGDCL’s in-house expertise and in collaboration GHPL and ZPCL teams. The well has tested 7,000 barrels per day of crude oil and 2.2 million standard cubic feet per day of gas through 32/64² choke at well head flowing pressure of 1150-1200 Psi from Hangu and Lumshiwal formation. The company notice further mentioned that, earlier in Dec 1999, Lumshiwal formation had tested only 150bpd of crude oil and 0.89 mmscfd of gas through 32/64² choke at well head flowing pressure of 160-190 Psi. However, the additional contribution of 550bpd and 1.34mmscfd to the discovery comes from Hangu formation which has been tested for the first time in Chanda structure.
The discovery of oil and gas at deeper prospects would certainly add to the hydrocarbon reserves base of the OGDCL and of the country, it said. On April 19, Mari Petroleum Company had discovered an oil reserve near Gujar Khan in Rawalpindi. Talking about the discovery, a company spokesperson had said that it was the second consecutive discovery on Ghauri Block of Gujar Khan.He had also said that the reserve would provide 372 barrels of crude oil on a daily basis. However, the Pakistan Stock Exchange has also been notified about the discovery. The oil and gas reserves are expected to help mend Pakistan’s economy and would also provide value in the foreign exchange market.