Pakistan crude oil production by OGDCL touches historic level

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Pakistan crude oil production by OGDCL touches historic level

ISLAMABAD (APP): The crude oil production of Oil and Gas Development Company (OGDCL) has touched the highest level of 48,767 barrels per day (bpd) and the organization earned over Rs 14 billion profit in first quarter of the current financial year.

OGDCL crude oil production touches highest level of history   

"The company's net sales revenue was registered at Rs 39.565 billion and profit after tax stood at Rs 14.631 billion translating into earnings per share of Rs 3.40 in the first quarter for the year 2016-17," official sources told APP.

The OGDCL Board of Directors, they said, also announced first interim cash divided at the rate of Rs 1.50 per share, adding that the dividend would be paid to the shareholders whose names would appear in the Register of Members on December 12, 2016. During the first quarter, the company paid Rs 6.202 billion on the account of taxes, they added.

While, on the exploration and development side, OGDCL witnessed significant increase in seismic efforts and drilling activities.

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The sources said the company's crude oil production had touched the highest level of 48,767 barrels per day (bpd), describing it a 'milestone' achieved through greater efforts of OGDCL engineers to complete projects timely.

"Despite a phenomenon of growth stagnation in crude oil production during the last five years, now the production is likely to further improve in the coming months after completion of ongoing projects," the sources said.

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They claimed the crude oil production achieved by OGDCL had never been matched by any foreign or local exploration and production company operating in Pakistan.