Oil and Gas Development Company Limited (OGDCL), one of Pakistan’s largest oil and gas exploration and production companies, has announced a successful oil and gas discovery at the Baragzi X-01 (Slant) exploratory well in Kohat district, Khyber Pakhtunkhwa.
In a notification submitted to the Pakistan Stock Exchange (PSX), the company said the discovery was made under the Nashpa exploratory licence, in which OGDCL holds a 65 per cent working interest.
Pakistan Petroleum Limited (PPL) holds a 30 per cent working interest, while Government Holdings (Private) Limited (GHPL) has a 5 per cent carried interest.
The discovery has been made in the Samana Suk and Shinawari formations. During the cased hole drill stem test (CHDST-03), the well produced approximately 3,100 barrels of oil per day (BOPD) and 8.15 million standard cubic feet of gas per day (MMSCFD) on a 32/64-inch choke, with a wellhead flowing pressure of 3,010 psig.
Drilling of the Baragzi X-01 well commenced on 30 December 2024 and reached a total depth of 5,170 metres, targeting the Khangrialli Formation. Based on wireline log interpretations, oil and gas discoveries had already been identified in the Khangrialli and Datta formations.
So far, the Baragzi X-01 well has yielded cumulative production of 9,480 BOPD of oil and 24.25 MMCFD of gas.
According to Arif Habib Limited, the new discovery is expected to increase OGDCL’s annual earnings per share by approximately Rs1.50 and PPL’s by Rs1.10, with a total projected impact of Rs4.53 per share for OGDCL and Rs3.31 per share for PPL.
OGDCL stated that the discovery will help narrow the gap between energy demand and supply through indigenous resources, while also enhancing the hydrocarbon reserves of the company, its partners and the country as a whole.
