OGDC’s crude oil production reaches new height

The crude oil production of Oil and Gas Development Company (OGDCL) has touched its highest level – 48,767 barrels per day (bpd) – and the organisation earned a profit of over Rs14 billion in the first quarter (Jul-Sept) of the current financial year.

“The company’s net sales revenue amounted to Rs39.565 billion and profit after tax stood at Rs14.631 billion, translating into earnings per share of Rs3.40 in the first quarter for the year 2016-17,” officials told APP.

The OGDCL Board of Directors, they said, also announced the first interim cash dividend of Rs1.50 per share, adding that the dividend would be paid to the shareholders whose names would appear in the Register of Members on December 12, 2016.

During the first quarter, the company paid Rs6.202 billion on the account of taxes, they added. On the exploration and development side, OGDCL witnessed significant increase in seismic efforts and drilling activities. The sources said the company’s crude oil production had touched the highest level of 48,767 bpd, describing it a ‘milestone’ achieved through great efforts of OGDCL engineers to complete projects in a timely manner.

“Despite a phenomenon of growth stagnation in crude oil production during the last five years, the production is likely to further improve in the coming months after completion of on-going projects,” the sources said.

They claimed the crude oil production achieved by OGDCL had never been matched by any foreign or local exploration and production company operating in Pakistan.