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Tag: OGDCL

  • 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.

  • OGDCL declares fall in net profit to Rs53.18 billion during six months

    OGDCL declares fall in net profit to Rs53.18 billion during six months

    KARACHI: The net profit of Oil and Gas Development Company Limited (OGDCL) fell to Rs53.184 billion for the six-month period ended December 31, 2019.

    According to financial results for the six-month period ended December 31, 2019 announced on Wednesday, the after tax profit for the same period in last year was Rs56.75 billion.

    The company declared earnings per share at Rs12.37 for the period, which was also declined when compared with Rs13.20 EPS declared in the same period of the last year.

    The net sales of the company increased to Rs133.44 billion for six months period ended December 31, 2019 as compared with Rs126.89 billion in the same period of the last year.

    Operating expenses of the company increased to Rs30.55 billion for the period under review as compared with Rs29.63 billion in the corresponding half of the last year.

    The exploration and prospecting expenditure increased to Rs10.42 billion as compared with Rs4.48 billion in the corresponding period of the last year.

  • OGDCL announces gas discovery in Sindh

    OGDCL announces gas discovery in Sindh

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced discovery of gas in the exploratory well located in Khairpur Sindh.

    In an information shared with Pakistan Stock Exchange (PSX), the company announced that the joint venture of Ranipur Block comprising OGDCL as operator (95 percent), Government Holdings Private Limited (GHPL) (2.5 percent and Sindh Energy Holding Company (Private) Limited (SEHCL) (2.5 percent had discovered gas and condensate in the exploratory well Metlo 01, which is located in District Khairpur, Sindh Province.

    The OGDCL said that the Metlo-1 was spud on November 17, 2019 and reach a depth of 1504 meters inside Upper Goru Formation. Based on wireline logs, drill stem test (DST) was conducted in Ranikot Formation and Sui Main Limestone.

    The well has tested 1.85 million cubit feet per day of gas, 6 barrels per day of condensate and 38 barrels of water through 32/64” choke at well head flowing pressure of 285 pounds per square inch (Psi) from lower Ranikot Formation.

    The discovery of Metlo-1 is the result of aggressive exploration strategy adopted by the company. “This discovery will add to the hydrocarbons reserves of OGDCL, GHPL, SEHCL and of the country and will contribute in reducing the gap between supply and demand of oil and gas in the country through the exploitation of indigenous resources.

  • Customs intelligence recovers Rs221.7 million from OGDCL for claiming wrong exemption

    Customs intelligence recovers Rs221.7 million from OGDCL for claiming wrong exemption

    KARACHI: Directorate of Customs Intelligence and Investigation, Karachi has recovered Rs221.7 million from Oil and Gas Development Company Limited (OGDCL) against avoiding payment of duty and taxes on import of seamless pipes.

    Officials at the directorate on Wednesday said that the oil and development company imported seamless pipes from China and got cleared through MCC Appraisement East, Karachi while availing exemption under SRO 678(I)/2004.

    “The GD was assessed and cleared by the collectorate under claimed exemption on customs duty at five percent and additional customs duty at four percent total amounting to Rs71.77 million against total assessed value of Rs797.53 million,” according to an official note sent to Federal Board of Revenue (FBR) Headquarters.

    It said that the scrutiny of GD revealed that the exemption was wrongly claimed as it was not admissible on the goods being locally manufactured.

    While realizing the factual position the representatives of OGDCL submitted pay orders amounting Rs221.71 million, which was drawn on National Bank of Pakistan (NBP).

    The payment of differential amount proved that the OGDCL had wrongly claimed exemption under the SRO 678(I)/2004 which resulted into loss of government revenue. The paid amount included Rs39.87 million as customs duty, Rs154.56 million as sales tax and Rs27.27 million as additional sales tax.

    The pay orders submitted by the company were sent to the clearance collectorate for deposit in the government treasury after assessment of the GD so that consignment may be de-blocked.

    The directorate said that the amount was deposited in the government treasury. However, role of customs officers/officials is being ascertained in the matter.

    Director I&I Irfan Javed praised the extraordinary efforts of Adnan Rafiq, Deputy Director, in detection of the evasion.

  • OGDCL clarifies shale gas discovery

    OGDCL clarifies shale gas discovery

    The Oil and Gas Development Company Limited (OGDCL) issued a clarification on Monday, refuting media reports that suggested a massive discovery of shale gas in Sindh.

    (more…)
  • OGDCL announces oil, gas discovery in Khyber Pakhtoonkhwa

    OGDCL announces oil, gas discovery in Khyber Pakhtoonkhwa

    KARACHI: Oil and gas Development Company Limited (OGDCL) on Tuesday announced discovery of oil and gas at Chanda Well#5 located at Kohat District,Khyber Pakhtoonkhwa province.

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