Pkrevenue.com

Tag: OGDCL

  • OGDCL discovers oil, gas reserves in Sindh

    OGDCL discovers oil, gas reserves in Sindh

    KARACHI: Oil and Gas Development Company Limited (OGDCL), a public limited company of Pakistan with 75 percent share of the government, on Wednesday announced a discovery of oil and gas reserves in Tando Allha Yar, Sindh Province.

    The Joint Venture of Nim Block Comprising OGDCL as Operator (95 per cent) and Government Holdings (Private) Limited (GHPL) (5 per cent carried) has discovered oil and gas from exploratory well namely Nim East- 1 located in District Tando Allah Yar, Sindh Province, the company said in a statement.

    READ MORE: OGDCL declares over 63% net profit for 1HFY22

    Nim East-1 was spudded in on March 21, 2022 as an exploratory well by using OGDCL’s in-house expertise and in close collaboration with GHPL team.

    The well was drilled down to 2573m. Based on the results of wireline logs interpretation, Drill Stem Test-1 in the Basal Sand has tested 1400 Barrels of Oil per Day (BOPD) and 5.02 Million Standard Cubic Feet per Day (MMSCFD) Gas through choke size 32/64” at Well Head Flowing Pressure (WHFP) of 1820 Pounds per Square Inch (psi).

    READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

    “The said discovery is the 11th discovery in Nim Block which shows the commitment of Nim Joint Venture Partners to exploit the hydrocarbon potential of the block besides reflection of aggressive exploration strategy,” according to the statement.

    Discovery will help in mitigating energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserve base of joint venture entities and the country.

    READ MORE: OGDCL discovers huge gas deposits in Balochistan

  • OGDCL declares over 63% net profit for 1HFY22

    OGDCL declares over 63% net profit for 1HFY22

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced financial results for the half year ended December 31, 2021.

    The company announced over 63 per cent growth in net profit to Rs69 billion for the first half (July – December) 2021/2022 as compared with Rs42.22 billion in the corresponding period of the last fiscal year.

    READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

    The company announced earnings per share (EPS) at Rs16.02 for the half year ended December 31, 2021 as compared with Rs9.82 announced in the corresponding half of the last year.

    The board of directors of the company in their meeting held on February 23, 2022 approved an interim cash dividend for the quarter ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs1.75 per shre i.e. 17.50 per cent.

    READ MORE: OGDCL discovers huge gas deposits in Balochistan

    According to the financial results, the sales of the company registered a massive increase to Rs151.16 billion for the first half of the fiscal year 2021/2022 as compared with Rs110.97 billion in the corresponding half of the last fiscal year.

    Operating expenses of the company were flat at Rs34.37 billion in July – December 2021/2022 as compared with Rs33.3 billion in the same period of the last fiscal year.

    READ MORE: OGDCL announces gas discovery in KPK

    OGDCL paid an amount of Rs17 billion as royalty during the first half of the current fiscal year as compared with Rs12.9 billion in the corresponding half of the last fiscal year.

  • 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).

    (more…)
  • 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.

    (more…)
  • 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.