ISLAMABAD: Pakistan’s Oil and Gas Development Company Limited (OGDCL) on Monday announced the discovery of gas deposits in Kohat district in the northwestern Khyber Pakhtunkhwa province at a time when the country is finding it difficult to procure liquefied natural gas (LNG) from the international market.
In recent years, Pakistan has faced gas shortages in winter since its natural gas fields are depleting at the rate of about nine percent annually.
The prices of petroleum products, including the LNG, also increased in the beginning of the year after Russia invaded Ukraine in February, disrupting the international markets and leaving developing countries like Pakistan in a difficult situation.
The OGDCL announced the gas discovery in a letter addressed to the Pakistan Stock Exchange while requesting it to disseminate the information among its members.
According to the letter, the TAL Joint Venture, which includes several companies, had discovered “gas condensate” from Kohat.
“The said discovery will help & contribute toward improving energy security of the country from indigenous resources and add to the hydrocarbon reserves base of the company, its Joint Venture Partners and the Country,” it said.
It added that it started drilling the well in April this year and successfully reached the depth of 4,119.34 meters.
Established in 1961, the OGDCL is responsible for exploring, drilling, refining and selling oil and gas in the country.
The company has gained greater importance in the country since Pakistan has been trying to explore domestic options to boost its oil and gas supplies by attracting foreign investment in the field.
Among its other initiatives, Pakistan hopes to receive a $1.3 billion investment from the United Arab Emirates (UAE) to upgrade Pak-Arab Refinery Company Limited (Parco).
It is also willing to explore the option of getting oil and gas on discounted rates to deal with the growing domestic demand for energy.
