KARACHI: The Oil and Gas Development Company Ltd (OGDCL) together with its joint venture partners — the Government Holdings Private Ltd (GHPL) and Pakistan Petroleum Ltd (PPL) — has discovered crude oil and gas in Nashpa Well X-5, district Karak, Khyber Pakhtunkhwa.
The OGDCL stated in a stock-filing on Thursday that the structure of Nashpa Well X-5 was delineated, drilled and tested using in-house expertise.
The well was drilled down to the depth of 5,056 metres, targeting to test the hydrocarbon potential of Shinawari, Lumshiwal, Samanasuk and Lokhart formations.
The Lokhart formation successfully produced 1,032 barrels per day crude and 0.78 mmscfd gas through 32/64” choke at a well head flowing pressure of 600 psi.
“The discovery will add significant hydrocarbon reserves base of OGDCL, PPL, GHPL and the country,” the OGDCL said, adding that the completion strategy would be finalised based on bottom-hole data.
In a separate statement, PPL confirmed the discovery in Nashpa X-5 and said that it has 28.55pc working interest in the block. Oil sector watchers said that OGDCL has the major interest of 56.45pc and GHPL has a 15pc stake in the joint venture.
Energy sector analysts at brokerage Arif Habib Ltd stated that as per the latest drilling report, OGDCL was exploring for hydrocarbon presence in Kup-1, Loti Deep-1, Surqamar-1 and Shawa-1.
PPL had meanwhile plugged and abandoned its exploration ventures in Lakki-XI coupled with Hadi X-1.
“Both (OGDCL and PPL) also hold stakes in TAL block whereby the operators are involved in exploring three wells (Tolanj South-1, Makori Deep-1 and Tolanj West-1),” analysts said.