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ISLAMABAD: Oil and Gas Development Company Limited(OGDCL) has drilled sixnew wells and made two discoveries during first half of the current fiscalyear.
Out of the total new drills, three were exploratory/appraisal wells andthree were development wells. While, the company’s exploratory effortsyielded two new oil and gas discoveries namely Chanda-1 and Mela-5 in Kohatdistrict of Khyber Pakhunkhwa province, according to the OGDCL’s financialreport available with APP.
During the period under review, the company’s net sales stood at Rs 126.898billion as compared to Rs 95.960 billion in the corresponding period lastyear.
Whereas, its net profit after taxation remained Rs 56.756 billion againstRs 36.672 billion in the preceding period translating into earnings pershare of Rs 13.20.
The company’s average net realized price of crude oil sold was $62.22/ bbl(barrels) as compared to $ 48.69/ bbl, while net realized price for naturalgas sold stood at Rs 317.33/mcf (million cubic feet) during same period ofthe year 2017-18.
Besides, the OGDCL has completed 584 Line Kms of 2D and 394 Sq. Kms of 3Dseismic surveys in different hydrocarbon potential areas of the country.
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During the period under review, the company’s net crude oil productionremained 40,846 bbl per day, net gas production stood at 990 MMcf per dayand net LPG production 798 Metric Tons per day.
“The company, during the six months period contributed around 46per centand 29 per cent of the country’s total oil and natural gas production,respectively.”
The OGDCL holds largest portfolio of recoverable hydrocarbon reserves ofPakistan, at 32 per cent of gas and 55 per cent of oil, respectively as ofJune 30, 2018.
It contributed 29 per cent of the country’s total natural gas productionand 46 per cent of its total oil production from July 2018 to December 2018.
With a portfolio of 46 exploration licences, the company has the largestexploration acreage in Pakistan, covering 26% of the total awarded acreageas of December 31, 2018.
