ISLAMABAD: The 23rd annual general meeting (AGM) of Oil and Gas Development Company Limited was held here at a local hotel on Wednesday. The members approved financial statements for the fiscal year ended June 30, 2020 together with the Director’s and Auditor’s report.
Final cash dividend of 25 percent of the par value of the shares i.e Rs 2.5 per ordinary share of Rs 10 each was also approved in the said AGM. Moreover M/s KPMG Taseer Hadi & Co., Chartered Accountants and M/s A.F. Ferguson, Chartered Accountants were re-appointed as the statutory auditors of the company for the year 2020-21.
The AGM was presided over by Dr Qamar Javaid Sharif, Chairman of the Board of Directors, OGDCL while other Directors of the Board were also present. The Chairman shared the company progress and achievements gained during the last financial year and delineated that despite the Covid-19, the company stood resilient and OGDCL timely devised pandemic response plan, which was implemented across all production fields and operational areas.
He applauded the incumbent management of the company led by Shahid Salim Khan who has taken the company to new heights in respect of exploration, drilling and timely completion of ongoing development projects and stated that the management of OGDCL made necessary changes in the working practices to protect its personnel and operations, while simultaneously ensuring business continuity in the long run.
He further disclosed that during the previous year company remained steadfast in its resolve to sustain exploration, development and production operations while contributing towards meeting energy demands of the nation.
The cumulative yield of oil and gas added to the main network of SSGPL and SNGPL stands at 1040 barrels of condensate oil and approximately 47 million MMSCFD of gas.
Beside this OGDCL spud 25 wells during the last fiscal year in comparison to Sixteen wells of corresponding year. The meeting was attended by members of OGDCL Board, MD/CEO OGDCL, senior management of OGDCL and a large number of shareholders.—PR
Copyright Business Recorder, 2020
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