US$ 2.5 billion to be saved by enhancing oil, gas production this year: MD OGDCL

US$ 2.5 billion to be saved by enhancing oil, gas production this year: MD OGDCL

ISLAMABAD, Sep 01 (APP): After completion of its six ongoing development projects, Oil and Gas Development Company Limited (OGDCL) would be able to produce 13000 barrel crude oil per day, 360 million cubic feet natural gas per day and 750 metric tons Liquefied Petroleum Gas (LPG) per day helping the national exchequer to save US$ 2.5 billion per year in the import bill. The national kitty will also receive a huge an annual amount of  Rs. 37 billion in shape of General Sales Tax (GST) and royalty, Managing Director, OGDCL, Muhammad Riaz Khan said in an interview with APP here on Sunday.

He informed that because of better performance of the state-run  company during last five years, the number of its shares have registered upward trend in the market besides an increase in the profit on the shares.
The Managing Director said the company was equipped with the  best technical facilities, experienced and trained manpower which could further enhance oil and gas exploration activities in the country.
Giving the detail of the ongoing development projects, he said currently, the company was working round the clock to complete its three projects in Sindh, two in Balochistan and one in Khyber-Pakhtoonkhawa provinces.
These development projects would be completed by the end of current financial year or in the beginning of next fiscal year, he added.
Responding to a question, he said the company had acquired a state of the art seismic technology.
About performance of the company during last half century, Riaz Khan said  667 wells were spud by the company during the last 52 years adding, “We were able to discover oil and gas from 97 wells”.
Regarding success rate of exploration activities in Pakistan, he said OGDCL’s success rate was highest in the world with an average of 1:2.8.
He said during the last two financial years, 41 exploratory wells were spud, adding, “We were able to make six oil and gas discoveries.”
The company had also been given 29th Corporate Excellence Award 2013 by the Management Association of Pakistan this year, adding, the company was winning the best corporate award for the last six years.
He said the OGDCL had also been granted Business Excellence Award 2013 and Environment Excellence Award 2013 under corporate social responsibility.
The Managing Director informed that to ensure  transparency in purchases, the company had signed an agreement with transparency international.
Regarding income, he said an income of Rs.223.365 billion  was recorded during current financial year ending by June 30, 2013 as compared to Rs.197.839 billion last financial year.
The net profit of the company was Rs.90.777 billion as a result per share income remained Rs.21.11, he added.
To yet another question, he agreed that although the OGDCL was a research and development organization, hence, its work could not be highlighted owing to its poor coordination with the media.
He informed that a new media team had been made and hoped the new team would be able to handle affairs with media in a better way in a bid to further highlight efforts of the company to pull the country out of energy crisis.