Islamabad November 1 2023: Oil and Gas Development Company Limited (OGDCL) profit dropped 8% to Rs 49.4 billion for the first quarter 2024 compared to Rs 53.3 billion posted in the same period last year.
Average net realized price of crude oil sold was US$ 69.52/barrel as against US$ 83.53/ barrel during corresponding period last year. Average net realized price of natural gas sold was Rs 710.89/Mcf as against Rs 564.79/Mcf during corresponding period last year.
Average net crude oil production of 32,835 barrels per day, net saleable gas production of 762 MMcf per day and net LPG production of 713 Tons per day was achieved during the period under review.
The Board of Directors declared first interim cash dividend of Rs 1.60 per share.
“I am pleased to report that the Company on the back of favourable oil price environment during the reporting period registered a growth of 13% in its top-line financials, while bottom-line financials were impacted primarily owing to inflationary trend. The Company registered Sales Revenue and Profit after Taxation of Rs 120.141 billion and Rs 49.038 billion respectively translating into an Earnings per Share of Rs 11.40 compared with Rs 12.39 in the same period last year. On the operational front, the Company continued with its exploration, development and production activities and spud one (1) exploratory well; Kharo X-1 and 2 development wells; Togh-2 & Sono-9, while total drilling recorded during the three months period was 7,052 meters,” says MD/CEO of OGDCL, Mr. Ahmed Hayat Lak.
“The Company’s production during the period under review contributed around 45%, 29% and 37% 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 32,835 barrels, 762 MMcf and 713 Tons in comparison to 33,443 barrels, 779 MMcf and 722 tons in the comparative period respectively. As regards development projects, OGDCL has successfully brought Bettani field into production by completing development of early production facilities (EPF) at Wali-1 in June 2023. The field is currently operational and producing around 835 barrels per day of crude oil and 12 MMcf per day of gas. At present, further field development is being undertaken to enhance oil and gas production, whereby drilling activities are underway at Bettani-2 well. In pursuance to production optimization plan, incremental cumulative daily production of 3,860 barrels of crude oil, 31 MMcf of gas and 51 Tons of LPG were recorded at various operated wells,” he added.