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Site update: May 21 2019, at 15:15 PKST
Stock update: May 21 2019.

Recent Financial News about OGDC (Oil & Gas Development Corp. Limited)

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Wednesday, May 15 2019

OGDCL discovers gas, condensate oil in Sindh
ISLAMABAD - Oil & Gas Development Company Limited (OGDCL) has discovered gas and condensate oil from its exploratory cum appraisal Well Mangrio # 01 in Nim Block, located in District Tando Muhammad Khan, Sindh. OGDCL has 95% share in the Block and is the operator with 5% share holding of Government Holding Private Limited (GHPL). The Structure of Mangrio Well # 01 was delineated drilled and tested using OGDCL’s in house expertise. The well was drilled down to the depth of 2676 meters. The well has tested 10.44 MMSCFD gas, 120 BPD condensate through choke size 32/64” at Wellhead Flowing Pressure 2085 Psi from Lower Gru B-Sand. The discovery of Mangrio Well # 01 is the result of aggressive exploration strategy adopted by the company. It has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL and of the country.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

Monday, May 06 2019

OGDC plans to form joint ventures with foreign firms
ISLAMABAD: Oil and Gas Development Company’s (OGDC) board of directors chairman has unveiled a strategy for enhancing oil and gas production in a bid to lessen reliance on energy imports and cut a hefty import bill. “We will focus on three key areas which include production, strategy and talent to increase growth and double earnings of the company,” said newly appointed Board Chairman Dr Qamar J Sharif while talking to a select group of journalists. Sharif, a petroleum engineering specialist who has worked in world-renowned companies like Shell and Saudi Aramco, emphasised that they would back the company management in exploring more hydrocarbon-bearing wells. “We will focus on exploration of oil and gas by forming joint ventures with foreign companies in order to attract foreign investment in exploration,” he said, adding that the company would also frame a strategy for exploiting shale gas reserves in Pakistan.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

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