OGDCL Confirms New Hydrocarbon Discovery in Tal Block’s Razgir-1 Well

Islamabad: Oil and Gas Development Company Limited (OGDCL) has announced a significant discovery of gas condensate at the Kawargarh-1 formation in the Razgir-1 exploratory well, situated in the Kohat district of Khyber Pakhtunkhwa Province. This discovery, initiated on January 9, 2024, plays a crucial role in the strategic expansion of hydrocarbon exploration within Pakistan.

According to information available from the Pakistan Stock Exchange (PSX), the Razgir-1 well was drilled to a depth of 3773.98 meters total vertical depth (TVD). The successful testing of the Kawargarh-1 Formation indicated a daily production rate of approximately 16.4 million standard cubic feet of gas along with 159 barrels of condensate. These operations were conducted under a wellhead flowing pressure of 1874 psi and utilized a choke size of 40/64 inches.

This venture is part of the TAL Joint Venture, with OGDCL holding a 30% working interest, alongside MOL Pakistan Oil and Gas Co. B.V. (10%, the operator), Pakistan Petroleum Limited (PPL) (30%), Pakistan Oilfields Limited (POL) (25%), and Government Holdings Private Limited (GHPL) (5%). The discovery marks a pivotal step in reducing the exploratory risks associated with the TAL Block, paving the way for new exploratory opportunities within the region.

This new hydrocarbon source is expected to significantly contribute to the indigenous supply, enhancing the national reserves base and supporting Pakistan’s energy needs. The details of this discovery are disclosed in accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Regulations, ensuring regulatory compliance and stakeholder transparency.

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