OGDCL to Undertake Offshore Exploration in Arabian Sea

After successful onshore oil and gas exploration, the Oil and Gas Development Company Limited (OGDCL) will soon undertake offshore oil and gas exploration in the Arabian Sea, Managing Director of the Company, Arshad Nasar recently indicated. For this purpose, an exploration license with government holdings and petroleum production sharing agreement with OGDCL has been signed by the government over a block covering an area of 1,492 square kilometres located in the Arabian Sea. In an interview, the MD said the company will invest an amount of $1.14m during the first two years of the initial term of the license. Nasar said the company has succeeded to spud 50 wells last year and is 100 percent owner in 28 exploration blocks. In addition, he indicated it is the operator as well as working interest owner in other 13 exploration blocks and partner in another six exploration blocks operated by other exploration and production companies. OGDCL is also currently operating 39 Mining and Development and Production Leases and is partner in 33 non-operated Mining and Development and Production Leases. OGDCL has so far completed major development projects like Dhodak Development Project, Dhaki Development Project, Pirkoh Development Project, Nandpur/Panjpir Development Project, Sadqal Gas Compression Project, Uch Development Project and Bobi Development Project, he added. He said company’s equipment base includes seven drilling rigs, two work over rigs, a geological field party, four seismic parties, four engineering field parties, a gas gathering and pipeline construction party, seismic data processing centre, geological analysis laboratory, wireline logging unit, cementing units and data logging unit. [Source: http://www.dailytimes.com.pk]