Karachi, September 28, 2023 – In a remarkable financial performance, the Oil and Gas Development Company Limited (OGDCL) has announced a staggering 68 percent growth in net profit for the fiscal year ending June 30, 2023.
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OGDCL Achieves Remarkable Production Boost in July 2023
Karachi, July 31, 2023 – The Oil and Gas Development Company Limited (OGDCL) has announced a significant enhancement in production during the month of July 2023, attributing the success to the adoption of cutting-edge technologies for production optimization.
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OGDCL Secures Two New Exploration Blocks in Sindh and Punjab
Karachi, July 3, 2023: The Oil and Gas Development Company Limited (OGDCL), a state-owned entity in Pakistan, announced on Monday that it has received provisional awards for two new exploration blocks in Sindh and Punjab.
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OGDCL Commences Oil and Gas Production from Wali (Bettani) Field in Khyber Pakhtunkhwa
Karachi, June 15, 2023 – The Oil and Gas Development Company Limited (OGDCL) has announced the successful commencement of oil and gas production from the Wali (Bettani) Field in District Lakki Marwat, Khyber Pakhtunkhwa Province.
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OGDCL discovers gas deposits at Kohat District
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Monday announced discovery of gas deposits at district Kohat in the province of Khyber Pakhtunkhwa.
The company sent a communication to the Pakistan Stock Exchange (PSX) stated that the TAL Joint Venture comprising MOL Pakistan Oil & Gas Co. B. V. (Operator), OGDCL (30 per cent working interst exploratory phase), Pakistan Petroleum Limited (PP), Pakistan Oilfields Limited (POL) and Government Holdings Private limited (GHPL) had discovered gas condensate from Lockhart formation in Tolanj West-2 development well located in district Kohat, Khyber Pakhtunkhwa Province.
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It said that the well was spudded-in on April 10, 2022 to produce Hydrocarbon from already discovered horizon of Tolanj West D&PL i.e. Lumshiwal Formation and to test Hydrocarbon potential of Lockhart & Shinwari & Samanasuk Formations (as exploratory targets). The well has been successfully drilled down to depth of 4119.34m TVD.
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Based on interpretation results of wireline logs data, Lockhart Formation (Exploratory Target) was tested successfully at rate of around 8.3 Million Standard Cubic Feet Per Day (MMSCFD) gas and 34 barrels per day (BPD) of condensate at choke size 32/64” at Wellhead Flowing Pressure (WHFP) of 1285 Pounds per Square Inch (Psi).
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“The new discovery has de-risked further exploration play in TAL Block, leading to new upside opportunities,” OGDCL said, adding that the said discovery will also help and contributed towards improving energy security of the country from indigenous resources and add to the hydrocarbon reserve base of the company, its joint venture partners and the country.
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OGDCL discovers gas deposits in Khyber Pakhtunkhwa
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced discovery of gas deposits at Kohat district in the province of Khyber Pakhtunkhwa.
In a communication sent to the Pakistan Stock Exchange (PSX), the company said the TAL Joint Venture comprising MOL Pakistan Oil and Gas Co. B. V. (Operator), OGDCL (30 per cent working interest in exploratory phase), Pakistan Petroleum Limited (PPL), Pakistan Oilfield Limited (POL) and Government Holdings Private Limited Development and Production Lease (D&PL) in the Tolanj West-2 development well, which is located in district Kohat, Khyber Pakhtunkhwa Province.
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OGDCL stated that the well was spudded-in on April 10, 2022 to produce already discovered horizon of Tolanj West D&PL i.e. Lumshiwal Formatino and to test Hydrocarbon potential of Lockhart & Shinwari & Samanasuk Formation (as exploratory targets). The well successfully drilled down to depth 4119.34m TVD.
“Based on interpretation results of wireline logs data, the deeper Samansuk and Shinwari Formations were tested successfully at rate of around 2.5 million standard cubic feet per day (MMSCFD) of gas through choke size 32/64” at Wellhead Pressure (WHFP) of 374 Pounds per square inch (Psi),” OGDCL said, adding that further testing operations are going to evaluate full potential of the well.
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It further said that the new discovery had de-risked an exploration play in deeper reservoirs over Tolanj West D&PL and in TAL Block, leading to new upside opportunities. “The discovery will also help and contribute towards improving energy security of the county from indigenous resources and add to the hydrocarbons reserves base of MOL, its joint venture partners and the country.
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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.
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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.
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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.
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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.
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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.
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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.
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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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