KARACHI: The Oil & Gas Development Company (OGDC) has announced gas and condensate discovery from its exploratory well Togh-01, which is located in Kohat, Khyber Pakhtunkhwa.

The well has flowed 4.1 mmcfd of gas and 50 bpd of condensate. Oil & Gas Development Company Limited (OGDCL) as operator holds 50 percent stake, Mari Petroleum Company Limited (MPCL) with 33.33 percent stake and Saif Energy Limited (SEL) holds 16.67 percent stake in the joint venture of Kohat E.L, which made the discovery.

Togh Well 01 was drilled and tested using OGDCL’s in house expertise in consultation with Kohat Joint Venture partners MPCL and SEL. The well was drilled down to the depth of 3200 meters.

The discovery of Togh Well 01 is the result of aggressive exploration strategy adopted by the Kohat Joint Venture. It has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL, Joint Venture Partners and of the Country, a statement said.

The company has so far drilled 788 wells and made a total of 120 discoveries, according to its website. The company currently produces 41,256 barrels of oil/day and 1,050 mmcfd of gas as well as 845 MT of LPG/day.

Analysts said the discovery announced by the OGDC would be quite positive for the oil and gas sector adding this discovery would bode positive for the exploration and production companies’ scrips.

Analysts believe the market is expecting record growth in oil and gas sector financial results due to hefty rupee depreciation, as their earnings are pegged in foreign exchange.