Hydrocarbon reserves discovered

KARACHI: The Oil and Gas Development Company (OGDC) on Tuesday announced gas and condensate discovery at its exploratory well Togh-01, which is located in Kohat, Khyber Pakhtunkhwa.

A statement said the well had flowed 4.1 mmcfd of gas and 50 bpd of condensate. The OGDCL as operator holds 50 percent stake, Mari Petroleum Company Limited (MPCL) with 33.33 percent stake and Saif Energy Limited (SEL) holds 16.67 percent stake in the joint venture of Kohat EL, which made the discovery.

Togh Well 01 was drilled and tested using OGDCL's in-house expertise in consultation with Kohat Joint Venture partners MPCL and SEL, the statement said, adding that the well was drilled down to the depth of 3200 meters.

Analysts said the discovery announced by the OGDC would be quite positive for the oil and gas sector adding this discovery would bode positive for the exploration and production companies’ scrips.

They believe the market is expecting record growth in oil and gas sector financial results due to hefty rupee depreciation, as their earnings are pegged in foreign exchange.