OGDCL finds gas in Sindh

KARACHI: The Oil and Gas Development Company Limited (OGDCL) said on Monday it had discovered gas and condensate at the Kharo-1 well in Khairpur district of Sindh.

The state-owned company said in a statement that the Kharo-1 well, drilled in the Khewari exploration license area, had reached a depth of 3,762 meters and tested positive for gas and condensate.

Subsequent testing procedures registered promising results, showcasing a flow rate of 14.3 million standard cubic feet per day (MMSCFD) of gas, complemented by 93 barrels per day (bbls/d) of condensate," the company said. "These exceptional results were obtained at a 32/64-inch choke size, with a wellhead flowing pressure (WHFP) of 2,737 pounds per square inch (psi), originating from Massive sand strata of the Lower Goru Formation."

The OGDCL said the successful discovery at Kharo-1 underscores the company's steadfast commitment to strategic exploration practices. "Leveraging expertise and cutting-edge technology, the company continues to unlock the vast potential of Pakistan's energy resources." OGDCL holds a 95 percent working interest in the Khewari Block while Government Holdings Private Limited (GHPL) is a joint venture partner with a 5 percent working interest.

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Nysted: A view of the turbines at Orsted's offshore wind farm in Denmark. —Reuters

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Apartments are illuminated inside residential buildings at the bank of Berlin-Spandauer-Schifffahrtskanal in Germany. German homes are still overvalued despite a fall in prices last year as the cost of mortgages spiked, the country’s central bank said on Monday. Germany’s

decade-long property boom has unravelled since a sudden bout of inflation forced the European Central Bank (ECB) to hike interest rates, while the domestic economy was hit by more expensive energy imports and sluggish exports. The price of owner-occupied residential property fell by just over 4 percent. The German statistics office put the decline at 8.9 percent for the first nine months of the year. Yet the Bundesbank, the ECB's biggest shareholder, estimated that prices were still 15-20 percent above where they should be based on Germany’s current demographic and economic situation. —Reuters