New oil discovery unveiled by Oil and Gas Development Company Limited in Sindh, Pakistan
Pakistan's Oil and Gas Development Company Discovers 13th Oil Reserve in Sindh
Pakistan's Oil and Gas Development Company Limited (OGDCL) has announced its 13th oil discovery within the Tando Allah Yar (TAY) exploration licence area in Sindh, Pakistan. The discovery was made at the Chakar-1 exploratory well, drilled to 1,926 meters depth, which flowed an initial rate of 275 barrels of oil per day (BOPD) during drill stem testing (DST), using an Electrical Submersible Pump (ESP) at a wellhead flowing pressure of 400 psi.
The discovery marks the 13th within the TAY exploration block, reinforcing confidence in the geological prospects of the region and the success of ongoing exploration efforts by OGDCL and its joint venture partner Government Holdings (Private) Limited (GHPL), which holds a 5% stake.
The Chakar-1 well is significant for Pakistan as it seeks to expand domestic energy production and reduce reliance on imported oil and gas. Initial testing of the well revealed a flow rate of 275 BOPD, a promising start for further evaluation and development.
While the exact location of the Chakar-1 exploratory well within the TAY exploration licence area was not specified, further exploration and testing are ongoing to thoroughly evaluate the well’s full production capacity and to identify additional reserves within the formations encountered. This discovery thus reflects a positive trajectory for Pakistan’s upstream sector and bears promising implications for future energy self-reliance.
The potential impact on Pakistan’s energy production is significant: expanding domestic oil production from such discoveries contributes to reducing Pakistan’s dependence on imported oil and gas, thereby enhancing energy security and potentially alleviating pressure on the country’s balance of payments. Continued appraisal and development of the newly discovered resources in TAY can help increase local hydrocarbon output, supporting Pakistan’s strategic goal to boost indigenous energy supplies amid its current energy demand growth.
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As the evaluation of the Chakar-1 well continues, further exploration and appraisal activities are expected to follow, potentially leading to more discoveries and a brighter future for Pakistan's energy sector.
- The discovery at the Chakar-1 well, a positive development for Pakistan's upstream sector, could have significant implications for the oil-and-gas industry in business financing, as increased domestic hydrocarbon output might help alleviate the country's reliance on imported oil and gas.
- The success of ongoing exploration efforts by the Oil and Gas Development Company Limited (OGDCL) and its joint venture partner Government Holdings (Private) Limited (GHPL) in the Tando Allah Yar (TAY) exploration licence area, including the recent discovery at Chakar-1 well, could potentially influence the energy sector's politics, as Pakistan pursues energy self-reliance and enhances its energy security.
- With the recent discovery of the 13th oil reserve, the Pakistan's Oil and Gas Development Company Limited (OGDCL) is showcasing impressive results in the exploration and development of oil reserves, which could reflect positively on the company's financial performance in the business and finance industry.
- The discovery of the Chakar-1 oil reserve by OGDCL could pave the way for advancements in the news industry, as updates on the ongoing exploratory activities could drive interest and raise awareness about the progress made in the oil-and-gas industry in Pakistan.
