Karachi September 28 2023: Oil and Gas Company Limited, Pakistan’s Largest hydrocarbon company, profit increased by 68 percent to PKR 225 billion compared to PKR 134 billion in the last year, according to company filing to the exchange.
The Board of Directors declared final cash dividend of Rs 2.75 per share.
During the year ended June 30, 2023 registered Sales Revenue of PKR 413.594 billion and Profit after Tax of PKR 224.618 billion. Higher profitability is primarily due to favourable exchange rate and price variance partially offset by unfavourable volume variance in the realized prices of crude oil and gas averaging US$ 71.78/barrel and PKR 610.92/Mcf against US$ 75.69/barrel and PKR 436.06/Mcf respectively in the last year. During the fiscal year 2022-23, the Company acquired 1,804 Line km of 2D and 765 sq. km of 3D seismic data, which represents 55% and 39% of total 2D and 3D seismic data acquisition respectively in the Country.
OGDCL drilled a total of 10 wells and its pursuit to exploration-led growth strategy led the Company to 3 new hydrocarbon discoveries.
OGDCL during the year under review contributed around 46%, 29% and 36% towards Country’s total oil, natural gas and LPG production respectively. OGDCL embarked upon the initiative for development of early production facilities (EPF) at Wali-1 so as to bring Bettani field into production. The Company in June 2023 successfully completed the installation of EPF to fast-track monetization of hydrocarbons.
The field is operational and producing around 850 barrels per day of crude oil and 12.5 MMcf per day of gas. At present, further field development is being undertaken to enhance oil and gas production through drilling of new wells. The aforesaid development projects will help in optimizing hydrocarbon recovery and to maintain production plateaus in the future.
“Moving forward, all of us at OGDCL remain committed to long term value creation through an approach that returns capital to shareholders, maintains investment discipline and preserves a strong balance sheet. While continuing our journey towards achieving organizational goals and objectives, we assure you that we will continue to strengthen our distinctive capabilities and work hard to keep and earn your support in a safe and responsible way” says Mr. Ahmed Hayat Lak, MD/CEO OGDC.
