ISLAMABAD: The Oil and Gas Development Company (OGDCL) on Tuesday announced that it has struck a new oil and gas discovery at its Chanda Well-05 in Kohat district of Khyber Pakhtunkhwa province.

According to a preliminary test, the well can produce 76 barrels per day (BPD) of crude oil and 0.512 million standard cubic feet per day (MMSCFD) of 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 OGDCL’s in-house expertise.

OGDCL is the operator of the Chanda oil 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.

OGDCL said the discovery was the result of an aggressive exploration strategy adopted by the company, which opened “a new avenue in Khyber Pakhtunkhwa area for exploration of deeper prospects for other exploration and production companies operating in the area”.