OGDCL begins gas production from Uch-35 well in Balochistan
13 November 2024
Published in: Business Recorder
Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) company, has initiated the production of natural gas from the Uch-35 development well, located in Dera Bugti district, Balochistan.
The company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“OGDCL is pleased to announce the commencement of production from the Uch-35 development well,” read the notice.
The E&P said utilising its in-house expertise, the well was drilled to a depth of 1,345 meters, targeting the hydrocarbon potential of the Sui Main Limestone (SML) formation.
“Uch-35 is currently producing 5 million standard cubic feet per day (MMSCFD) of gas,” it shared.
The company informed that after the laying of an 8-inch diameter, 1.2-kilometer flow line, the developmental well has been connected to the OGDCL Uch Gas Processing Plant, enabling gas supply to Uch Power Limited (UPL).
“As the operator of the Uch Development & Production Lease (D&P.L) with a 100% stake, OGDCL holds a strategic position in this field, located in the Dera Bugti district of Balochistan province.
“OGDCL remains focused on synchronised exploration, drilling, and development efforts, prioritising rapid production optimisation to strengthen national energy security and promote sustainable development,” it added.
As per the company’s latest financial results, OGDCL reported a profit-after-tax (PAT) of Rs41.02 billion for the quarter ended September 30, 2024, a decline of over 16% as compared to Rs49.03 billion in the same period of the previous year.
Earnings per share (EPS) were recorded at Rs9.54 in 1QFY25 as compared to EPS of Rs11.40 in the same period of the previous year.
