OGDC finds gas in Punjab
04-07-08 State-owned Oil & Gas Development Company (OGDC) in Pakistan has made a gas discovery in the central Punjab province, boosting its output by 5.5 mm cfpd.
The discovery was made in the company's wholly Dhodhal Deep 01 exploration well.
OGDC has ramped up investment in an effort to reduce Pakistan's dependence on imported fuel at a time of record high prices.
"This is a small discovery for OGDC with a per share impact of 0.04 rupees per share," said Faraz Farooq, an analyst at First Capital Equities. OGDC's oil production totalled 47,851 bpd and 1,094 mm cfpd in May.
Source: www.upstreamonline.com