AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Oil and Gas Development Company Limited (OGDCL) has announced a significant production increase at the Nashpa-4 well following a successful re-evaluation. As of June 2024, the well now contributes an additional 330 barrels per day of oil and 7.7 million standard cubic feet per day of gas, with the gas being incorporated into the SNGPL network. This enhancement also includes the recovery of 21 metric tons of LPG daily. The operations achieved these figures at a wellhead flowing pressure of 1570 PSI after targeting the upper zone of the Lockhart formation.
Nashpa-4 is located within the Nashpa Development and Production Lease in Karak district, Khyber Pakhtunkhwa. The well is part of a joint venture, managed by OGDCL as the operator with a 56.45% stake. Other stakeholders include Pakistan Petroleum Limited (PPL) holding 28.55% and Government Holding Private Limited (GHPL) with 15%.
According to information available from the Pakistan Stock Exchange (PSX), this development has been reported in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations, ensuring transparency and regular updates to shareholders and potential investors.