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Oil & gas reserves found in Kohat
Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011. World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed. AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

Oil & gas reserves found in Kohat

ISLAMABAD: The Oil and Gas Development Company (OGDC) announced Tuesday that it has discovered oil and gas reserves at its Chanda Well-5 in Kohat district of Khyber Pakhtunkhwa.

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 OGDC statement said. “The Well-5 was drilled 5,440 meters deep and tested using the OGDC’s in house expertise.”

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

As per the company, the discovery was the result of aggressive exploration strategy adopted by the OGDC, which opened “a new avenue in KP area for exploration of deeper prospects for other exploration and production companies operating in the area.”