Tag: OGDCL

  • OGRA reduces LPG price to Rs234 per kg amidst cost-cutting measures by OGDCL

    OGRA reduces LPG price to Rs234 per kg amidst cost-cutting measures by OGDCL

    The Oil and Gas Regulatory Authority (OGRA) has announced a reduction in the price of Liquefied Petroleum Gas (LPG), providing relief to consumers who depend on LPG.

    According to a recent notification, LPG prices have been cut by Rs3.87, bringing the cost down to Rs234 per kilogramme. This new rate is effective immediately.

    This development follows a significant cost reduction in production by the Oil and Gas Development Company (OGDCL), attributed to the arrival of three ships carrying imported LPG.

    The increased supply has enabled OGDCL to lower production costs, subsequently leading to the reduced consumer prices.

    In a related development, the prices of petrol and diesel in Pakistan are also anticipated to drop from June 1. According to sources, petrol prices are expected to decrease by Rs5 per litre, while diesel prices may see a reduction of Rs4 per litre.

    The Ministry of Finance will announce the new rates after consulting with the Prime Minister.

    The OGRA summary proposing the price reductions will be submitted to the Petroleum Division by May 31st, sources added.

    This move is part of a broader strategy to alleviate the financial burden on the public by ensuring affordable fuel prices amidst fluctuating global oil markets.

  • OGDCL discovers gas reserves in Khyber Pakhtunkhwa

    OGDCL discovers gas reserves in Khyber Pakhtunkhwa

    Oil & Gas Development Company Limited (OGDCL) informed the Pakistan Stock Exchange (PSX) on Monday that gas reserves had been found in Tolanj West-02, a development well in the Tal block situated in Kohat Plateau, Khyber Pakhtunkhwa.

    According to Brecorder, gas condensate from the Lockhart formation was found in Tolanj West-2 by the Tal joint venture, which included MOL Pakistan (operator), OGDCL, Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), and Government Holdings Private Limited (GHPL).

    According to the notice, the well was spudded in on April 10, 2022, to extract hydrocarbon from the Tolanj West D&PL’s Lumshiwal Formation, which has already been found, and to investigate the hydrocarbon potential of the Lockhart, Shinawari, and Samanasuk Formations (as exploratory targets). The well was successfully drilled to a depth of 4119.34 metres, according to OGDCL.

    The Lockhart Formation (exploratory target) was tested successfully at a rate of about 8.3 million standard cubic feet per day (MMSCFD) of gas and 34 barrels per day (bpd) of condensate at choke size 32/64” at wellhead flowing pressure (WHFP) of 1285 pounds per square inch, according to interpretation results of wireline logs data (Psi). According to OGDCL, the recent discovery has reduced the risk of an exploratory play in the Tal block, opening up new potential for growth.

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    The aforementioned development, which follows a comparable hydrocarbon discovery in the Tal block in August, will also add to the hydrocarbon reserves base of the company, its joint venture partners, and the nation. It will also help improve the energy security of the country by utilising indigenous resources. OGDCL first reported the discovery of oil and gas reserves from its exploration wells in Sindh and Punjab back in June.

  • OGDCL confirms gas discovery near Ghotki, Sindh

    OGDCL confirms gas discovery near Ghotki, Sindh

    On Wednesday, the Oil and Gas Development Company Limited (OGDCL) announced the finding of gas from an exploration well near Ghotki, Sindh.

    “The joint venture (JV) of Guddu Block comprising Oil & Gas Development Company Limited as an operator (70 per cent), SPUD Energy PTY Limited (SEPL) (13.5 per cent), IPR Transoil Corporation (IPRTOC) (11.5 per cent), and Government Holdings (Private) Limited (GHPL) (5 percent) has discovered Gas from an exploratory well namely Umair South East # 01, which is located in District Ghotki, Sindh,” the company stated in a notice.

    The Umair South East # 01 well, according to OGDCL, was spudded on May 9, 2022, as an exploration well to investigate the hydrocarbon potential of the Pirkoh Formation and Habib Rahi Limestone (HRL) to a projected depth of 785m.

    “Based on the interpretation of wireline logs, successful Drill Stem Test-1 in HRL tested 1.063 million standard cubic feet per day (mmscfd) gas through choke size 32/64” at 210 pounds per square inch (PSi) Well Head Flowing Pressure (WHFP)”.

    The finding of Umair South East-1 is the outcome of Guddu Joint Venture Partners’ aggressive exploration approach, according to the Pakistani oil and gas business.

    “It has opened a new route and will favourably contribute to alleviating energy demand and supply gaps from indigenous resources, while also adding to OGDCL’s and the country’s hydrocarbon reserves base,” it said.

    The discovery comes at a fortunate time for Pakistan, which has recently experienced huge power outages and a gas scarcity.

    Mari Petroleum Company Limited (MPCL) discovered gas/condensate earlier this month in the Bannu West-1 ST-1 Exploration Well, which was drilled in the Bannu West Block in North Waziristan, Khyber Pakhtunkhwa.