KARACHI: The Oil and Gas Development Company Limited (OGDCL) has announced to make second discovery of oil and gas reserves in Sindh within the span of one week.
The leading oil and gas firm said the new discovery was made from a newly tested well, Bitrism West 01-A, which is located in District Sanghar, Sindh, according to a bourse filing.
“The well has tested 290 barrel per day of condensate (crude oil) and 4.3 million standard cubic feet per day of gas,” said OGDC company secretary Ahmed Hayat Lak in a notification to the Pakistan Stock Exchange.
OGDCL is the operator of the Bitrism Block with 95% stake. Government Holdings (Pvt.) Limited (GHPL) owns the rest of the 5% stake in the block.
“The discovery has opened up a new avenue and would add hydrocarbon reserve base of OGDCL and GHPL,” the notification added.
However, the announcement failed to motivate energy investors at PSX, as OGDCL’s share price declined Rs1.68, or 1.20%, and closed at Rs138.07 on Thursday. The benchmark 100-index closed flat at 37,783.54 points.
An analyst said in a post market comment that oil and gas exploration and production firms’ share prices declined in connection with downturn of crude oil’s price at world markets.
