Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has announced a significant breakthrough with the discovery of tight gas at its exploratory well, Nur West # 01, located in Sujawal district, Sindh. The company reported to the Pakistan Stock Exchange (PSX) that the well, drilled to a depth of 2,975 meters, has successfully tested 1.24 million standard cubic feet per day (MMSCFD) of gas from the Lower Goru Formation, indicating promising commercial potential.
Tight gas, an unconventional natural gas resource, poses extraction challenges due to its low permeability. OGDCL highlighted that this discovery represents a strategic advancement in its tight gas exploration program, aimed at bolstering Pakistan’s energy resources. The company is progressing swiftly to expand its hydrocarbon reserve base, aligning with national energy security goals.
Earlier this year, the federal government introduced the Tight Gas (Exploration & Production) Policy 2024 to spur investment in unconventional hydrocarbons. This policy aims to accelerate exploration efforts in technically feasible areas, thereby supporting Pakistan’s energy sector growth.
OGDCL’s recent financial performance for the first quarter of fiscal year 2024 (1QFY24) demonstrated strong results, with net sales reaching Rs 120.141 billion and Profit before Taxation standing at Rs 86.174 billion. These figures underscore OGDCL’s robust operational capabilities and its pivotal role in Pakistan’s dynamic oil and gas industry.
