OGDCL spuds 21 new wells with 37,370 crude oil production

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) spudded as many as 21 new wells with net crude production of 37,370 Bpd, gas production of 1,013 MMcfd, LPG production of 195 MTD and Sulphur production of 73 MTD during the year ended June 30, 2011.

According to the report, the wells include 10 exploratory or appraisal wells and 11 development wells.

Similarly during the same period, the company's exploratory efforts yielded two new gas and condensate discoveries namely Gopang-1 (Nim E.L) and Sheikhan-1 (Kohat E.L).

While the OGDCL's net sales increased to Rs155.631 billion this year compared to Rs142.572 billion in the corresponding period last year.

According to the company's report, net profit before taxation increased to Rs90.982 billion compared to Rs88.553 billion in the corresponding period last year.

Net profit after taxation (NPAT) increased to Rs63.527 billion compared to Rs59.177 billion in the corresponding period of preceding year translating into an Earnings per Share of Rs14.77.

Operating profit margin and net profit margin were 56 percent and 41 percent respectively and Payable final dividend of Rs2.50 per share.

Average net realized price of crude oil sold was $ 72.05/bbl as against $ 61.37/bbl during corresponding period last year.

Average net realized price for natural gas sold was Rs214.03/Mcf as against Rs186.47/Mcf during corresponding period last year.

Copyright APP (Associated Press of Pakistan), 2011