Hydrocarbons discovered in KP
July 30, 2021
Islamabad: Oil & Gas Development Company Limited (OGDCL) on Thursday said it has made a gas and condensate discovery over Kawagarh formation from its Well Wali in Khyber Pakhtunkhwa. This discovery is unique as it is the first ever discovery made in Kawagarh Formation in Pakistan and will open new avenues for exploration in Pakistan, the company said in a statement.
The structure of Well Wali 01 was drilled and tested using OGDCL’s in house expertise. The well was drilled down to the depth of 4,727 meters in Kawagarh formation. Based on the good oil and gas shows during drilling, interpretation of open hole logs data, Drill Stem Test (DST) was conducted in the Kawagarh Formation of Late Cretaceous age, the statement added. The well has tested 11.8 MMSCFD of Gas and 945 BPD of Condensate with wellhead flowing pressure of 3000 Psi at 32/64” choke size.
KSE-100: stocks stage recovery as index climbs by 136 points Index clocks at 47,628 level; volume recorded at 191.69 million shares
July 16, 2021
Market participation by retail investors ended their dry spell on Thursday which lifted benchmark kse-100 index to climb past 47,600 level after posting about 136 points gain by the closing bell.
On Thursday, the trading kicked off on an optimistic note right after the opening bell as the index climbed steadily for most part of the day and touched intraday high of 47,736.13. However, the market came under selling pressure in final hours, which pared some of the gains.
Market sentiments were primarily driven by the rumors of Oil discovery in Waziristan, which directed major capital to index heavyweight Oil & Gas Development Company Limited (OGDCL), said Irfan Saeed, Senior Vice President BMA Capital Management Limited.
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Petroleum Division Issues Six New Concessions/Exploration Licenses of Oil and Gas Blocks
Federal Minister for Energy, Muhammad Hammad Azhar, graced the signing ceremony of Petroleum Concessions/Exploration Licenses of six oil and gas blocks at Petroleum Division today.
Director-General Petroleum Concession Petroleum Division granted Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) over Block No. 3068-6 (Killa Saifullah) and Block No.3067-7 (Sharan) with Oil & Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL), Block No. 3069-9 (Suleiman) with OGDCL and Pakistan Petroleum Limited (PPL) and Block No. 2467-17 (Sujawal South), Block No.3273-5 (Jhelum) and Block No.3272-16 (Lilla) with OGDCL.
Exploration Licences and PCAs signed
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ISLAMABAD, Pakistan: The Federal Minister for Energy Muhammad Hammad Azhar graced the signing ceremony of Petroleum Concessions/ Exploration Licences of 6 oil & gas blocks at Petroleum Division in Islamabad on Friday.
These Exploration Licences and Petroleum Concession Agreement (PCAs) were signed by Mian Asad Hayaud Din, Secretary Petroleum Division, Mr. Abdul Jabbar Memon, Director General Petroleum Concessions on behalf of Government of Pakistan, Mr. Shahid Saleem Khan, Managing Director, OGDCL, Mr. Faheem Haider, Managing Director, MPCL and Mr. Moin Raza Khan, Manager Director, PPL.
Director General Petroleum Concession, Petroleum Division granted Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) over Block No. 3068-6 (Killa Saifullah) and Block No.3067-7 (Sharan) with Oil & Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL), Block No. 3069-9 (Suleiman) with OGDCL and Pakistan Petroleum