Karachi May 17 2024: According to a company filing to the exchange, Oil and Gas Development Company has increased production from Nashpa Well-10 by adopting rigless optimization techniques.
Further optimization initiatives, including rigless interventions such as perforation washes in the Datta, Shinawari, Samanasuk, Lumshiwal, and Hangu formations, have resulted in an additional increase in production.
Consequently, total production from Nashpa Well-10 has now reached 1,870 BPD of oil and 7.02 MMSCFD of gas. The gas is being injected into the SNGPL network, and there is also a recovery of 10 metric tons per day of LPG.
Earlier, in September 2023, the company had significantly increased production at Nashpa Well-10 through rigless interventions in the Hangu and Lumshiwal formations, raising the well’s output to 1,340 BPD of oil.
“OGDC, being an operator, has 56.45% stake, while PPL has 28.55% stake. The incremental production is expected to have an annualized earnings impact of PKR 0.35/share and PKR 0.34/share on OGDC and PPL, respectively” states Arif Habib Limited research note.
