Posted inTech and Telecom
OGDC Plans to Substantially Increase Oil and Gas Production in Next Few Years
The Oil and Gas Development Company Limited (PSX: OGDC), plans to increase production over the next few years from its existing wells, reported Bloomberg. The exploration company aims to boost oil production to approximately 50,000 barrels per day within the next four to five years. It further seeks to raise natural gas production from 720 million cubic feet per day to over 900 million cubic feet per day, Chief Executive Officer Ahmed Hayat Lak said in an interview. The company is implementing a production optimization program aimed at reversing the decline in output. Pakistan heavily relies on energy imports and…