The Oil and Fuel Growth Firm Restricted (OGDCL) has made its first discovery of 2020.

In a notification to the PSX, the corporate has introduced the invention of fuel and condensate within the exploratory effectively situated in Khairpur, Sindh.

The three way partnership of Ranipur Block, comprising OGDCL because the operator which holds 95% working curiosity together with Authorities Holdings Personal Restricted (GHPL) with 2.5% and Sindh Vitality Holding Firm (Personal) Restricted (SEHCL) 2.5%, has found fuel and condensate within the exploratory effectively Metlo 01, which is situated in district Khairpur, Sindh.

The notification additional reads that Metlo-1 was spud on November 17, 2019 and reached a depth of 1504 meters inside Higher Goru Formation. Based mostly on wireline logs, drill stem check (DST) was carried out in Ranikot Formation and Sui Predominant Limestone.

The effectively has examined for 1.85 million cubit toes per day of fuel, 6 barrels per day of condensate and 38 barrels of water by way of 32/64” choke at wellhead flowing strain of 285 kilos per sq. inch (Psi) from decrease Ranikot Formation.

The invention of Metlo-1 is the results of an aggressive exploration technique adopted by the corporate.

It has opened a brand new avenue and would add to the hydrocarbon reserves base of the OGDCL, GHPL, SEHCL and the nation and can contribute to decreasing the hole between provide and demand of fuel within the nation by way of the exploitation of indigenous sources. It’s value mentioning that OGDCL, being the market chief within the E&P sector of Pakistan, holds the biggest exploration acreage.

On the time of submitting this report, OGDC’s shares on the bourse have been buying and selling at Rs. 143.73, up by zero.48% or Rs. zero.68 with a turnover of 1.46 million shares on Friday.

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