ISLAMABAD: The Oil and Gas Development Company Limited's (OGDCL) efforts to explore indigenous hydrocarbon resources have yielded results, spudding 11 new wells including two exploratory wells, one appraisal well and eight development wells during first half of financial year 2013.
According to official source the exploratory wells include Raja-1 and Multan North-1, appraisal well include Chak Naurang South-2 and eight development wells namely Nashpa-4, Qadirpur-46 and 49, Bahu-5,6 and 7, Rajian-7 and Bobi-10.
The source added the company's exploratory efforts to locate new hydrocarbon reserves during July-December 2012 yielded three (3) new oil and gas discoveries at Naspha-3 (Naspha E.L) in District Karak, Khyber Pakhtunkhwa, Zin SML-1 (Zin E.L) in District Dera Bugti, Balochistan and at Suleman-1 (Khewari E.L) in District Khairpur, Sindh.
Similarly, the source says net crude production of 39,245 barrels per day, net gas production of 1,073 MMcf per day, net LPG production of 264 M. Tons per day and net Sulphur production of 49 M. Tons per day was witnessed during the period under review.
The OGDCL's net sales increased to Rs 110.626 billion compared to Rs 88.680 billion in the corresponding period last year, the source added.
Net Profit before Taxation increased to Rs 74.242 billion compared to Rs 60.026 billion in the corresponding period last year.
Net Profit after Taxation increased to Rs 49.227 billion compared to Rs 41.573 billion in the corresponding period of preceding year translating into an Earnings per Share of Rs 11.45.
Payable interim dividend of Rs 2.0 per share Operating profit margin and net profit margin were 61% and 44% respectively.
Average net realized price of crude oil sold was US$ 82.78/bbl as against US$ 82.03/bbl during corresponding period last year.
Average net realized price for natural gas sold was Rs 263.83/Mcf as against Rs 220.13/Mcf during corresponding period last year.
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