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Tag: OGDCL

  • OGDCL declares Rs33.63 billion net profit in first quarter

    OGDCL declares Rs33.63 billion net profit in first quarter

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced its financial result, posting a profit after tax (PAT) of Rs33.629 billion during the first quarter ended September 30, 2021.

    The profit of the company has surged by 44 per cent when compared with the net profit of Rs23.344 billion in the first quarter of the last fiscal year.

    The company declared earnings per share at Rs7.82 for the quarter under review as compared with Rs5.43 in the same quarter of the last year.

    Alongside the result, the company announced an interim cash dividend of Rs 1.75/share for the first quarter of fiscal year 2021/2022 (Rs 2.00 in 1QFY21).

    According to Arif Habib Research, topline clocked-in at Rs71,531 million in 1QFY22 against Rs56,347 million in same period last year (SPLY), up by 27 per cent YoY, on the back of i) a massive 70 per cent YoY jump in oil prices, and ii) 4 per cent YoY growth in oil production. Whereas, gas production plummeted by 10 per cent YoY during the quarter.  On a sequential basis, net sales ascended by 14 per cent given 9 per cent QoQ growth in oil prices along 2 per cent QoQ higher oil production.

    The exploration costs declined by 23 per cent YoY arriving at Rs 2,283 million in 1QFY22 given dry well (Bago Phulphoto) reported during the quarter compared to three dry wells (Jun-01, Umair North West and Jatoi-01) incurred in SPLY. Whereas on QoQ basis, exploration costs plunged by 65 per cent given two drys (Washuk-01 and Kambir) and higher seismic activity incurred in 4QFY21.

    Other income in 1QFY22 settled at Rs 10,878 million versus Rs 5,958 million in SPLY, significantly up 83 per cent YoY, amid exchange gain on foreign currency tagged with higher income from cash and cash balances. Similarly, other income on QoQ basis climbed up by 89 per cent due to USD appreciation against Rs.

    The company booked effective taxation at 36 per cent in 1QFY22 vis-à-vis 31 per cent in 1QFY21.

    OGDCL discovers huge gas deposits in Balochistan
  • OGDCL discovers huge gas deposits in Balochistan

    OGDCL discovers huge gas deposits in Balochistan

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Thursday announced the discovery of huge deposits of gas reserves in the province of Balochistan.

    In a communication shared with Pakistan Stock Exchange (PSX) and London Stock Exchange, the company said that OGDCL, being operator of Jandran West Exploration License with 100 per cent interest, had made a gas discovery over Mughalkot Formation from its exploratory efforts at Jandran West X-1 well which is located in Kohlu District, Balochsitan, Province, Pakistsan.

    Jandran West X-1 well was spudded-in on May 19 2021 as an exploratory well and drilled down to a total depth of 1627m into Parh Formation. Based on the good gas shown during drilling, interpretation of open hole logs data, Drill Stem Test (DST) has been performed in Mughalkot Formation.

    The well flowed at the rate of 2.391 Million Standard Cubic Feet per Day (MMSCFD) gas with traces of condensate at WellHead Flowing Pressure (WHFP) of 455 Pounds per Square Inch (PSI) at 32/64” choke size.

    OGDCL being the leading exploration and Production Company in Pakistan has adopted aggressive exploration strategy which has resulted into Hydrocarbons discovery over Jandran West X-1. This discovery will add to the hydrocarbon reserve base of OGDCL and the of the country.

    OGDCL announces gas discovery in KPK
  • OGDCL announces gas discovery in KPK

    OGDCL announces gas discovery in KPK

    In a significant development for Pakistan’s energy sector, the Oil and Gas Development Company Limited (OGDCL) has announced a major gas discovery in the province of Khyber Pakhtunkhwa (KPK).

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  • OGDCL discovers gas reserves in Khyber Pakhtunkhwa

    OGDCL discovers gas reserves in Khyber Pakhtunkhwa

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Tuesday announced the discovery of natural gas in the province of Khyber Pakhtunkhwa, Pakistan.

    In a communication shared with the Pakistan Stock Exchange (PSX), the OGDCL said that the company being operator of Wali Exploration License with 100 per cent working interest had made a gas and condensate discovery over Hangu Formation from its exploratory efforts at Wali #01 well which is located in FR Lakki, Khyber Pakhtunkhwa Province, Pakistan.

    “Wali# 01 was spudded-in on December 02, 2019, as an exploratory well and drilled down to a total depth of 4727m (measured depth) inside Kawagarh Formation. Based on the good oil/gas shows during drilling, interpretation of open whole logs data, successful testing was carried out in Kawagarh formation, which proved to be gas/condensate discovery.”

    Now, Drill Stem Test (DST) # 02 has been performed in Hangu Formation. The well flowed at the rate of 11.361 Million Standard Cubic Feet per Day (MMSCFD) gas and 895 Barrels per Day (BPD) condensate with Well Head Flowing Pressure (WHFP) of 2800 Pounds per Square Inch (PSI) at 32/64” choke size.

    It is highlighted that this gas/condensate discovery has further extended the hydrocarbon play area on the southwestern part of the Bannu Basin.

    OGDCL being the leading Exploration & Production Company in Pakistan has adopted an aggressive exploration strategy which has resulted in hydrocarbons discoveries.

    “This discovery will add to the hydrocarbon reserves base of OGDCL and of the country. It will positively contribute to mitigating energy demand and supply gap from indigenous resources,” the company said, adding that the company would continue to strive for increasing shareholders’ value through a robust exploration program.

    Pakistani consortium awarded exploration in Abu Dhabi
  • Pakistani consortium awarded exploration in Abu Dhabi

    Pakistani consortium awarded exploration in Abu Dhabi

    KARACHI: According to a notice to Pakistan Stock Exchange (PSX) on Tuesday, a consortium of Pakistani companies has been awarded exploration in Abu Dhabi.

    The consortium of PPL (operator), OGDC, MARI and GHPL has been awarded an Offshore Block-5 in Abu Dhabi.

    Analysts at Arif Habib Limited said that the consortium participated in Abu Dhabi’s second competitive exploration bid round in 2019 for acquiring one of the five blocks (three offshore and two onshore) being offered by Abu Dhabi National Oil Company (ADNOC).

    For this purpose, ECC permitted these four companies to invest a total of $400 million ($100 million by each company) in August 2021 for 5 years by issuance of Corporate Guarantees in favor of ADNOC and Supreme Council for Financial and Economic Affairs (SCFEA).

    With this, the consortium formed a Special Purpose Vehicle, which made it eligible for the exploration block.

    Following the concession award of Offshore Block-5, the consortium announced development of a company Pakistan International Oil Limited (PIOL) located at Abu Dhabi Global Market, where each company has a 25 per cent stake.

    The awarded block is located 100 km North East of Abu Dhabi and has an area of 6,223 km². It resides in an area which has prospects of large hydrocarbon reserves.

    Albeit, these E&P companies for the first time will be able to explore, appraise and develop oil and gas resources in Abu Dhabi and expand its footprint internationally.

    Beside Pakistani companies, other international companies such as Eni (Italy), PTTEP (Thailand), Occidental Petroleum (US), Index (Japan), Bharat Petroleum Company (India) and Indian Oil Company Limited (India) have won blocks in Abu Dhabi, according to the analysts. 

    OGDCL discovers gas reserves in Balochistan
  • OGDCL discovers gas reserves in Balochistan

    OGDCL discovers gas reserves in Balochistan

    KARACHI: Oil and Gas Development Authority (OGDCL) on Monday announced gas discovery at Jandran X-04 located in District Barkhan, Balochistan Province.

    The company said that the structure of Jandran X-04 was delineated, drilled and tested using OGDCL’s in house expertise.

    “The well was drilled down to the depth of 1200m into Parh Limestone. Based on Wireline logs data, successfully DST was carried out in Mughal Kot Formation wherein the Well tested 7.08 Million Standard Cubic Feet Per Day (MMSCFD) gas and 0.55 Barrels Per Day (BPD) condensate with Well Head Flowing Pressure (WHFP) of 1300 Pounds Per Square Inch (Psi) at 32/64” Choke size.”

    The OGDCL said that the discovery of Jandran X-04 is the result of aggressive exploration strategy adopted by the company. “It has opened a new avenue and would add to the hydrocarbon reserves of OGDCL and the country.”

  • OGDCL announces gas discovery at Sial-1 Well in Sindh

    OGDCL announces gas discovery at Sial-1 Well in Sindh

    KARACHI – The Oil and Gas Development Company Limited (OGDCL) has announced a significant discovery of gas condensate from its Sial-1 exploratory well located in the Hyderabad district of Sindh. This development marks a notable milestone in the company’s ongoing drive to enhance domestic hydrocarbon exploration.

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  • OGDCL-PPL awarded exploration rights of new block in Balochistan

    OGDCL-PPL awarded exploration rights of new block in Balochistan

    KARACHI: The government has provisionally awarded exploration rights of a new block situated in the Balochistan Province to a joint venture comprising Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL), a statement said on Friday.

    The statement issued by PPL said that the government had provisionally awarded a new block ‘Suleiman (Block No. 3069-9) situated in Balochistan for exploration rights to the joint venture formed between OGDCL and the company.

    “OGDCL and the Company [PPL] each hold fifty percent working interest in the block which will be operated by OGDCL, subject to the execution of a Petroleum Concession Agreement and issue of an Exploration License,” the statement added.

  • OGDCL announces gas discovery in Balochistan

    OGDCL announces gas discovery in Balochistan

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced discovery of natural gas from its well located in the province of Balochistan.

    In a communication sent to Pakistan Stock Exchange (PSX), the company – as 100 percent operator – informed that it had discovered gas from its exploratory well Kakhirud X-1 located in District Musa Khel, Balochistan Province.

    The structure of Lakhirud X-1 was drilled and tested using OGDCL in-house expertise. The well was drilled down to the depth of 3000 meters. Based on logs data, the well was tested at rate of 2.5 million standard cubic feet per day (MMSCFD) of gas 18 barrels per day (BPD) of water through 32/64” choke at wellhead flowing pressure of 600 pounds per square inch (Psi) from Mughal Kot Formation.

    “The discovery of Lakhirud X-1 has opened a new avenue and would add to the hydrocarbons reserves base of OGDCL,” the company said.

  • OGDCL declares over 15 percent decline in annual profit

    OGDCL declares over 15 percent decline in annual profit

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Monday announce financial results and declared over 15 percent decline in annual profit mainly because of lower sales during the year.

    In its financial results submitted to Pakistan Stock Exchange (PSX), the company declared Rs100 billion after tax profit for the year ended June 30, 2020 as compared with Rs118.38 billion in the preceding financial year, showing a decline of 15.52 percent.

    The earnings per share also fell to Rs23.27 for the year 2020 as against EPS of 27.53 a year ago.

    The company declared net sales of Rs244.85 billion for the year ended June 30, 2020 as compared with Rs261.48 billion a year ago.

    According to Topline Securities, the company in FY20 recorded average net crude oil production of 36,073 bpd, average net gas production of 893 MMcfd, average net LPG production of 739 MTPD and average net Sulphur production of 54 MTPD.

    Twenty-five wells were spud, comprising of fifteen exploratory/appraisal, five development and five re-entry/side track wells in FY20.

    Average net realized price of oil was US$46.76/barrel during FY20 as against US$58.74/barrel last year.

    Net realized price for natural gas was Rs393.32 per mmcf as against Rs337.66 per mmcf last year.

    The company has recognized 8 dry wells in FY20 compared to 2 wells in FY19.

     The company expects FY21 capex target at Rs55bn, targeting 45 wells herein exploratory wells are 31.

    Nashpa production stats are likely to sustain over 2 years at 15-16k bopd.

    The company is also evaluating ENI assets in Pakistan. To recall, ENI is planning to sell its assets in Pakistan.

    The company is all set to bid for new blocks which are expected to be auction by this year end.

    OGDC has received Rs6.5bn from Uch Power Private Limited, from the disbursements under the Pakistan Energy Sukuk-II.

    In addition, the Company has also received some payments from SSGC and SNGP with average collection standing at around 70 percent.

    Operating expenses of the company remained inflated in 4QFY20 due to year-end factors like some non-cash expenses and pension costs re-evaluation.

    The effective tax rate clocked in at 30 percent in FY20 vs. 33 percent in FY19 due to absence of Super Tax.