Updated on
Summary The targets maintained for drilling activity were missed during Fiscal Year 2011.
Drilling activity remained subdued during FY11 as a total of 49 out of targeted 80 wells were drilled leading to materialisation of only 61% of target.Of the total wells drilled, 15 were exploratory while 34 were development/appraisal wells.The ratio of development to exploratory well thereby stood higher at 2.3x compared to historical average of 1.4x, indicating the focus in FY11 towards development of existing production assets against finding new ones.Performance by private sector remained further subdued as it managed to drill only 25 wells out of planned 51.In the public sector, PPL was able to surpass its target as it drilled 4 wells out of 3 targeted (meeting targets for both development and exploratory wells).OGDC also accelerated its drilling efforts during 4QFY11, managing to drill 20 wells out of 26 planned (77% of the target).Out of total 10 exploratory wells planned by OGDC, only 6 wells were managed to drill (5 of which were drilled in last quarter alone).
