Karachi: Oil and Gas Development Company (OGDC) has made a new discovery at the Baloch-2 well in the Sinjhoro Block, Sindh, which is expected to significantly boost its production with 388 barrels of condensate and 6.8 million cubic feet of gas per day.

According to AKD Securities Limited, this discovery at the Sembar Formation follows the depletion of Baloch-1, discovered in 2009. The recent reserve assessment upgraded the Baloch D&P lease to 10.76 billion cubic feet. OGDC holds a 60% post-commerciality interest in the project, with OPL and GHLPL holding 15% and 20% respectively. The discovery is anticipated to have an annualized earnings per share impact of PKR 0.34 for OGDC.