REG - Oil and Gas Devt Co - OGDCL Advances Production with ESP Installation

Oil And Gas Development CoAnnouncement

16/12/2024 11:00

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RNS Number : 2362Q  Oil and Gas Development Company Ltd  16 December 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

December 16, 2024

 

 The General Manager,               London Stock Exchange Plc.,

 Pakistan Stock Exchange Limited,   10 Paternoster Square,

Stock Exchange Building,

                                  London EC4M 7LS.
 Stock Exchange Road,

Karachi-74000, Pakistan.

                                    Tel: (44) 20 7334 8907

Subject: OGDCL Advances Production with ESP Installation at Heavy Oil Well

 

Dear Sir,

Oil and Gas Development Company Limited (OGDCL) has successfully revived a
heavy oil well within its Northern Region field.  This initiative was
undertaken at the Rajian Oil Field, located in Gujar Khan E.L., District
Chakwal, and represents a strategic step towards enhancing production
capabilities. Earlier, the Field's four heavy oil-producing wells were
contributing 1,500 barrels per day (BPD) and now the cumulative production
will be 2,500BPD.

2.       OGDCL developed a comprehensive plan to optimize production
from the Rajian field, focusing on executing 11 workover jobs and implementing
advanced artificial lift systems. The first target for this initiative was
Rajian-3A, which extends to a depth of 3,652 meters. This well had to be
temporarily suspended in 2020 due to formation challenges. OGDCL's innovative
approach involved completing the well with an Electrical Submersible Pump
(ESP) in the Chorgali-Sakessar and Tobra formations. This effort successfully
revived production at the well, augmenting output to 1,000 BPD.

3.       With the optimization program for the remaining 10 wells
underway, OGDCL anticipates a significant boost in production from the Rajian
field. Additionally, OGDCL owned Rig N-4, deployed for the implementation of
the program, will remain at the Rajian field for the entire duration. The
anticipated outcomes will be shared with shareholders upon completion of these
operations, reflecting the Company's commitment to maximizing asset potential
and ensuring value creation.

4.       This accomplishment reflects OGDCL's commitment to operational
efficiency and its pivotal role in enhancing Pakistan's energy landscape,
solidifying its position as a leader in the hydrocarbon sector.

5.       The above information is submitted in compliance of Section 96
of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for
dissemination amongst your members please.

Yours Sincerely,

 

 

 

(Wasim Ahmad)

  Company Secretary

Copy:

 

Executive Director/HOD, SECP, 63, NIC Building, Jinnah Avenue, Islamabad.

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