The new gas deposits have been discovered in Sukkur, Sindh by the largest exploration and production firm in Pakistan, Oil and Gas Development Company Limited (OGDC) according to a stock market filing.
Ahmed Hayat Lak, OGDC Company Secretary notified Pakistan Stock Exchange (PSX) about the exploration well Bhambhra-1 in Sukkur district.
“The well contains 5.73 million standard cubic feet per day of gas when tested,” he said in the notification. In the exploration, the well the state-owned firm is 100% stakeholder.
“The discovery of Bhambhra-1 will sweep new roads and add up in hydrocarbon assets of OGDC and Pakistan,” he said.
Taurus Securities said in a note to its clients that the pricing of the new discovery would be under the Petroleum Policy 2012. “Annualized wages per share effect of the discovery add Rs0.12-0.15 per share.”
OGDC that is in authority for planning, promoting, organizing and implementing programs for the exploration and development of oil and gas reserves in which government holds 74.98% stake according to the Oil and Gas Regulatory Authority.
In the concession portfolio of OGDC has 63 owned and worked joint venture exploration licenses and other six blocks operated by other exploration and production firms, the regulator added.
Pakistan conventional to import oil, gas from Central Asia being away from the Gulf.
Exploratory licenses of the company covered112,453 sq.km area spread across all four provinces of the country representing the largest exploration domain held by any exploration and production firm in Pakistan, it said.