Pakistan's OGDC discovers new oil and gas reserves

ISLAMABAD, Sep 27 (Reuters) State-run Oil and Gas Development Company Ltd (OGDC) has discovered oil and gas reserves in northwestern Pakistan, a government spokesman said on Wednesday.

The reserves found at Kohat, some 175 km (110 miles) west of the capital Islamabad, are expected to produce around 4,000 barrels of oil and 12 million cubic feet of gas per day.

OGDCL, the country's largest firm, has a market capitalisation of around .2 billion and the government has recently announced plans to list it on the London Stock Exchange through an issue of global depository receipts (GDR) by December.

With the latest discovery, Pakistan's oil production capacity will increase to approximately 69,000 barrels from 65,000 barrels per day, the spokesman added.

REUTERS DKS GC1906