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Kohat: A significant hydrocarbon discovery has been announced at the Razgir-1 Exploratory Well in the Lockhart Formation of District Kohat, Khyber Pakhtunkhwa, marking a major milestone in Pakistan’s energy sector.
The TAL Joint Venture, which includes Oil & Gas Development Company Limited (OGDCL) with a 30% working interest, MOL Pakistan Oil & Gas Co. B.V. holding 10%, Pakistan Petroleum Limited (PPL) also at 30%, Pakistan Oilfields Limited (POL) with 25%, and Government Holdings Private Limited (GHPL) owning the remaining 5%, confirmed the discovery of gas condensate. The exploration well was successfully drilled to a depth of 3773.98 meters True Vertical Depth (TVD), beginning on January 9, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the well tested the Lockhart Formation, revealing a production rate of approximately 17.9 million standard cubic feet per day (MMSCFD) of gas and 153 barrels per day (BPD) of condensate. This test was conducted post-acid stimulation with a choke size of 40/64 inches at a wellhead flowing pressure of 2017 pounds per square inch (psi).
Further disclosures to the stock exchanges on July 29 and August 6, 2024, highlighted that the cumulative production from the Lumshiwal, Kawargarh, and Lockhart formations at the Razgir-1 Exploratory well has now reached 54.3 MMSCFD of gas and 562 BPD of condensate. The TAL Joint Venture, led by MOL Pakistan, is actively working on early monetization strategies for the Razgir Well 1 discovery.
These recent findings not only mitigate risks associated with further exploration but also unlock new opportunities for potential upside. This discovery is expected to significantly enhance the country’s indigenous hydrocarbon supply and strengthen its reserves base, contributing positively to Pakistan’s energy independence and economic stability.
This information is released in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations.
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