Karachi April 27 2023: Oil and Gas Development Company Limited (OGDCL), (Ticker: OGDC), today announced its financial results for the nine months ended 31 st March 2023 whereby company reported net profit of Rs 159.639 billion translating into Earnings per Share of Rs 37.12.
The Board of Directors declared third interim cash dividend of Rs 1.80 per share.
“I am pleased to report that the Company on the back of favorable crude oil price environment during the reporting period registered a growth of 29% and 42% in its top and bottom line financials respectively. The Company registered Sales Revenue and Profit after Taxation of Rs 309.148 billion and Rs 159.639 billion respectively translating into an Earnings per Share of Rs 37.12 compared with Rs 26.05 in the same period last year” says MD/CEO of OGDCL, Mr. Ahmed Hayat Lak.
On the operational front, the Company continued with its exploration, development and production activities despite challenges due to heavy rains/floods, security clearance and prevailing import compression/rationing. The Company spud 4 wells including 3 exploratory wells; Shahpurabad-1, Chak 20-1 & Gaja Wah-1 and 1 development well; Chanda-7, while total drilling recorded was 23,959 meters. Moreover, 3 oil and gas discoveries were made including Toot Deep-1 in district Attock, Punjab and Chak 5 Dim South-3 and Kot Nawab-1 in district Sanghar, Sindh.
OGDCL’s production during the period under review contributed around 46%, 29% and 36% towards Country’s total oil, natural gas and LPG production respectively. Its average daily net saleable crude oil, gas and LPG production clocked in at 33,034 barrels, 765 MMcf and 732 tons respectively. Production output was impacted due to natural decline coupled with forced production curtailment owing to torrential rains/flood at Palli, Mangrio and KPD-TAY fields and system constraints of SNGPL and low off take by UCH Power Limited. As regards ongoing development projects, installation and commissioning of compression units at Dakhni, Uch and KPD-TAY fields will serve to maintain and enhance production, while working on laying of gas pipeline by SSGC is also underway at Jhal Magsi to start-up production from the field.
OGDCL has embarked upon the initiative for development of early production facilities at Wali-1 so as to bring Wali field into production. The early testing is expected to be completed in May 2023 and the facility will produce 10 MMcf per day of gas and 1,000 barrels per day of oil. Regarding Reko Diq, project feasibility is in progress and operator M/s Barrick Gold Corporation has mobilized its professionals. At Offshore block-5, planned exploration and evaluation activities are underway, whereby appraisal plan has been approved by ADNOC and contract for long lead items placed.
“It gives me immense pleasure to acknowledge and express my sincere thanks to the Management and employees of the Company for their relentless efforts and hard work. Moving forward, I will continue to bank on the trust and support of all our stakeholders so as to ensure that OGDCL continues to spearhead the Country’s E&P sector, safely and responsibly” says MD/CEO.
OGDCL, the largest petroleum Exploration and Production (E&P) Company in Pakistan, was listed on Pakistan Stock Exchange (PSX) in November 2003 and its Global Depository Shares (GDS) were issued on London Stock Exchange in December 2006. It holds the largest portfolio of recoverable hydrocarbon reserves of Pakistan, at 34% of gas and 33% of oil, respectively, as at 30th June 2022. It contributed around 29% of the Country’s total natural gas production and 46% of its total oil production during the nine months period.
With a portfolio of 49 exploration licences, the Company has the largest exploration acreage in Pakistan, covering 41% of the total awarded acreage as of March 31, 2023. Currently all production volumes are being realized from onshore areas of Pakistan, however, the Company also has working interest in
Pakistan’s offshore exploration block; Indus-G. OGDCL had a net Profit after Tax of Rs 133.784 billion for the year ended 30th June 2022.