ISLAMABAD - Oil and Gas Development Company (OGDCL) Tuesday announced to strike oil and gas discovery at its Chanda Well-05 in Kohat district of Khyber Pakhtunkhwa province.

According to a preliminary test, the well could produce 76 Barrel per Day (BPD) crude oil and 0.512 Million Standard Cubic Feet per Day (MMSCFD) gas. “This is the first discovery of crude oil and gas from Wargal Formation in Chanda Oil Field,” an OGDCL press release said.

The Well-05 was drilled 5,440 meters deep and tested using the OGDCL’s in house expertise.

The OGDCL is operator of the Chanda Well with 72 percent shares, while Government Holdings (Private) Limited (GHPL) and Zaver Petroleum Corporation (Private) Limited (ZPCL) have 17.5 percent and 10.5 percent shares respectively.

The OGDCL said the discovery was the result of aggressive exploration strategy adopted by the company, which opened “a new avenue in Khyber Pakhtunkhwa for exploration of deeper prospects for other exploration and production companies operating in the area. Discovery will certainly add to the hydrocarbon reserves base of the country.”