Home »Pakistan » Industries & Sectors » OGDCL earned Rs126.630bn in three quarters of FY 2016-17

ISLAMABAD: Oil and Gas Development Company (OGDCL) has earned Rs 126.630 billion in three quarters of the current fiscal year as compared to Rs 122.711 billion in the corresponding period of last year, registering around Rs four billion increase in its income.

"The company's net profit before taxation registered to Rs 64.520 billion, while the net profit after taxation stood at Rs 47.595 billion, as compared to last year's Rs 61.924 billion and Rs 43.500 billion respectively, translating into earnings per share of Rs 11.07," official sources said.

The OGDCL's Board of Directors declared third interim cash dividend for the year at Rs 1.50 per share, besides 40 percent and 38 percent operating profit margin and net profit margin, they said.

While, the sources said, average net realized price of crude oil sold was $ 43.76 bbl (Billion Barrels) against $ 38.83 bbl during the corresponding period of last year.

Besides, the company sold natural gas amounting to Rs 233.96 mcf (million cubic feet) as compared to Rs 256.23 mcf gas of the last year.

During the period, they said, the company completed 2D seismic acquisition on 3,293 kilomter area and 3D of 1,038 square kilomters, and drilled 13 new wells including six exploratory/appraisal wells and seven development wells.

The OGDCL's exploratory efforts yielded four oil and gas discoveries namely Gundanwari-I, Mithri-I, Khamiso-I and Chutto-I, the sources said adding that its net crude oil production remained 43,989 barrels per day, gas production 1,051 mmcf per day, LPG production 411 M.Tons per day and sulphur production 39 M.Tons per day.

Copyright APP (Associated Press of Pakistan), 2017

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