November 23 , 2016
News
OGDCL achieves highest ever crude oil production of 50,157bpd
By: APPISLAMABAD: Oil and Gas Development Company Limited (OGDCL), the largest exploration and production company in Pakistan, has achieved the highest ever crude oil production of 50,157 barrels per day.
Addressing a press conference on Wednesday, OGDCL Managing Director Zahid Mir said his company is all set to inject 100million standard cubic feet of gas per day (mmscfd) gas in the system during the winter season, besides 400 metric tonnes of liquified petroleum gas (LPG) and 4,000 barrels of crude oil.
The company would try to raise its production further, he said, adding the new discoveries would help meet the energy shortages. He said surpassing psychological barrier of 50,000 barrels per day (bpd) was part of the company’s business plan and strategy, adding that through sheer hard work, use of best practices and deployment of latest technology, the target has been achieved.
“OGDCL has already embarked on the course of aggressive exploration, which is evident from ongoing seismic operations in Balochistan and Khyber Pakhtunkhwa,” the MD informed.
Mir said for the first time in country’s history, four seismic crews are working in frontier areas of Balochistan, includingPasni, Gwadar, Kharan, Zhob, Musa Khel and Lasbela. Seismic activities in Federally Administered Tribal Areas (FATA) are also in full swing in Latambar block, he noted.
The MD said OGDCL is hopeful that ongoing exploration would lead to new discoveries and fortify OGDCL’s reserves portfolio besides ensuring long term sustainability of the company and meeting energy demand in the country. He said the company was using the latest 3D technology for exploration, which has improved the rate of successful drilling.
To a question, he said under the policy of the government, OGDCL was paying its share of taxes and meeting its contractual obligations by giving royalties to the provinces. He said social and economic conditions in areas, from where oil and gas was being extracted, could improve if provinces spend part of the royalty for development of these areas.
Courtesy www.dailytimes.com.pk