OGDCL, Baker Hughes sign agreement to boost oil and gas production from mature assets

ISLAMABAD, September 1: Pakistan’s largest exploration and production company, Oil and Gas Development Company Limited (OGDCL), has signed an agreement with US energy technology company Baker Hughes to introduce mature asset solutions aimed at enhancing production from aging and naturally declining oil and gas fields.

Under the agreement, Baker Hughes will leverage its technical expertise, advanced technologies and integrated capabilities to help OGDCL identify opportunities to increase production from mature assets and address associated operational challenges.

The agreement was signed at the OGDCL Headquarters in Islamabad. Special Secretary Petroleum Mirza Nasiruddin Mashood Ahmad and US Chargé d’Affaires Natalie A. Baker attended the signing ceremony as chief guests. OGDCL Managing Director and CEO Ahmed Hayat Lak, along with senior leadership from OGDCL and Baker Hughes, was also present.

Mature asset solutions are designed to help maximize production from established oil and gas fields experiencing natural production decline. The partnership forms part of OGDCL’s comprehensive production optimization drive aimed at maximizing output from the company’s existing producing assets.

Speaking on the occasion, OGDCL Managing Director and CEO Ahmed Hayat Lak said the company was promoting meaningful partnerships with world-class service providers to improve oil and gas production and strengthen Pakistan’s energy security.

He expressed confidence that the project would be implemented effectively and would help increase production from OGDCL’s mature assets.

Special Secretary Petroleum Mirza Nasiruddin Mashood Ahmad said the partnership would contribute to efforts to maximize domestic oil and gas production and play an important role in strengthening Pakistan’s energy security.

US Chargé d’Affaires Natalie A. Baker described the agreement as an important milestone in the Pakistan-US energy partnership. She said energy was the foundation of economic security and cooperation between OGDCL and Baker Hughes would help advance the shared objective of strengthening Pakistan’s energy security.

Baker Hughes Global Director Mature Asset Solutions Tariq Abdul Fattah said the collaboration reflected the two companies’ shared objectives and would help explore new opportunities for the application of advanced technologies in Pakistan.

OGDCL has 18 major mature assets, including 12 oil fields and six gas/condensate fields. The company is currently producing more than 40,000 barrels of crude oil, 815 million standard cubic feet of natural gas, 780 metric tons of LPG and 80 metric tons of sulphur per day.

The partnership reflects Pakistan’s commitment to maximizing production from existing assets, increasing domestic oil and gas output and reducing reliance on imported energy.