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Monday July 15, 2024

OGDC revives Kunnar-11 well, boosts daily oil output

By Our Correspondent
July 09, 2024
The office of the Oil & Gas Development Company Limited (OGDCL) in Islamabad. — Facebook/ogdclofficial
The office of the Oil & Gas Development Company Limited (OGDCL) in Islamabad. — Facebook/ogdclofficial

KARACHI: Oil and Gas Development Company Limited (OGDCL) has effectively boosted oil production from the Kunnar-11 well situated in Sindh.

The company disclosed this development in a notice to the Pakistan Stock Exchange (PSX) on Monday.According to the announcement, OGDC successfully revitalized the Kunnar-11 well, utilizing advanced production optimization techniques and installing an electrical submersible pump (ESP). As a result, the well is currently producing 960 barrels of oil per day.

Located in District Hyderabad, Sindh, Kunnar-11 forms part of the OGDCL Kunnar oil field, where the company holds a 100 per cent working interest.“This initiative underscores OGDCL’s dedication to maximizing production and illustrates the effectiveness of modern recovery methods in rejuvenating mature wells," the company stated.

Meanwhile, Topline Securities noted in May 2024 that the Kunnar-11 well had ceased production entirely, with an estimated annual earnings impact of Re0.6 per share.

OGDC’s stock was trading at Rs132.51 at the time of filing, marking a 56 per cent increase over the past 12 months.Last week, OGDC also successfully restored production from Nashpa-4 in Khyber Pakhtunkhwa.

As Pakistan’s largest exploration and production (E&P) company, OGDCL engages in various operations including exploration, drilling services, production, reservoir management, and engineering support.OGDC holds the largest exploration acreage in Pakistan, covering more than 40 per cent of the country’s total acreage allocated for oil and gas exploration.