Islamabad: Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, has successfully revived a heavy oil well in Rajyan Oil Field in Gujjar Khan, Chakwal District, Punjab. This strategic step led to an increase in the field’s cumulative production by 67%, from 1,500 barrels per day to 2,500 barrels per day.
The company announced this development in a notification to the Pakistan Stock Exchange (PSX) on Monday, reiterating its commitment to operational efficiency and energy sustainability.
OGDCL explained that the revival initiative was part of a broader improvement program targeting the Rajyan field. The program includes 11 maintenance and installation jobs for advanced industrial lifting systems, such as the electric submersible pump (ESP).
Rajyan 3A, which reaches a depth of 3,652 metres, was temporarily suspended in 2020 due to formation challenges. However, thanks to innovative technologies and advanced equipment, the well was successfully restarted, contributing 1,000 barrels per day to the field’s production.
“The optimization program is expected to significantly enhance production as we continue work on the remaining 10 wells. The N-4 drilling rig, owned by OGDCL, has been deployed in the Rajyan field and will remain on site throughout the program implementation period,” the company said.
OGDCL stressed the importance of these revival efforts in strengthening Pakistan’s energy sector and reaffirming its position as a leader in hydrocarbon exploration and production. The company’s initiatives aim to reduce dependence on imports and enhance local energy resources.
Last month, OGDCL also started natural gas production from the Uch-35 development well in Dera Bugti, Balochistan, demonstrating its continued efforts to boost energy production across the country.
Despite these operational milestones, OGDCL’s financial results for the quarter ended September 30, 2024 reported a profit after tax of Rs 41.02 billion, representing a decline of 16% from Rs 49.03 billion in the same quarter of the previous year. year. Earnings per share (EPS) stood at Rs 9.54 compared to Rs 11.40 in the corresponding period last year.
As OGDCL develops its production capabilities and implements strategic projects, the company remains focused on contributing to energy independence in Pakistan while navigating a challenging economic environment.