Islamabad April 30 2025: Oil and Gas Development Company Limited, the largest oil and gas exploration company in Pakistan, cash payout surged by 72 percent to PKR 10.5 per share in first nine months as company cash flow position turned positive.
However, OGDC profitability fall 24.5 percent to PKR 129.6 billion in the first nine months of this financial year compared to PKR 171.1 billion.
“OGDCL’s hydrocarbon production was impacted primarily due to forced production curtailment by SNGPL and UPL. Moreover, lower crude oil basket price averaging US$ 76.51/barrel against US$ 83.47/barrel in the corresponding period last year combined with unfavorable exchange rate variance exerted downward pressure on Company’s financial performance” states Managing Director and CEO of OGDCL, Mr. Ahmed Hayat Lak.
“Notwithstanding these macroeconomic and operational challenges, OGDCL remained strategically focused on its production optimization initiatives, whereby incremental average daily production recorded was 2,671 barrels of crude oil, 25 MMcf of gas and 29 Tons of LPG” Ahmed added.
The Company registered Sales Revenue and Profit after Tax of PKR 310.907 billion and PKR 129.606 billion respectively translating into an Earnings per Share of PKR 30.13 compared with PKR 39.78 in the same period last year.
On the operational front, 4 wells including 3 exploratory wells; Chak 202-2A, Baragzai-1 and Faakir-1 and 1 sidetrack well: Chak 2-2 were spud during the period under review. Moreover, drilling and testing work of 7 wells pertaining to previous fiscal year was also completed. Total drilling recorded during the reporting period was 25,550 meters (9M 2023-24: 25,777 meters). Company’s production output contributed around 48%, 28% and 34% towards Country’s total oil, natural gas and LPG production respectively. OGDCL’s average daily net saleable crude oil, gas and LPG production clocked in at 31,709 barrels, 676 MMcf and 654 tons in comparison to 33,339 barrels, 720 MMcf and 735 Tons in the comparative period.
OGDCL carried on with its efforts for fast-track completion of ongoing development projects, whereby anticipated incremental daily production is 2,238 barrels of oil, 133 MMcf of gas, 178 Tons of LPG and 35 Tons of Sulphur.
The decline in production was partially mitigated by injection of 8 wells in the production gathering system viz., Baloch-2, Chak 2-2, Nur West-1, Kharo-1, Chak 212-1, Bettani-2, Uch-35 & 36, which cumulatively yielded gross crude oil and gas production of 44,277 barrels and 4,036 MMcf respectively. OGDCL with an aim to maintain and increase production successfully installed electrical submersible pump at Kunnar-9, Pasakhi-5, Rajian-3A &11 and Sono-8 & 9.
