Oil & Gas Development Company Limited (OGDCL) is the national Oil and Gas Company of Pakistan and the flagship of the country's E&P sector. The Company is the local market leader in terms of reserves, production and acreage and is listed on all three stock exchanges in Pakistan and also on the London Stock Exchange. The Government of Pakistan owns 74.82% of the shares of the Company.
OPERATIONAL HIGHLIGHTS Six (6) oil, gas/condensate discoveries namely Reti-1A, Baloch-1, Nashpa-1, Dakhni-11, Maru-1 and Shah-1 were made by the Company.
Crude oil production on working interest basis averaged 38,075 barrels per day (bopd). Gas production on working interest basis averaged 976 MMcf per day (MMcfd). LPG production on working interest basis averaged 202 M.Tons/day.
Seismic acquisition of 2,493 L. Kms of 2-D and 290 sqkms of 3-D. Twenty six (26) new wells (fifteen (15) exploratory / appraisal and eleven (11) development) spudded during the year. Commencement of production from Nashpa-1, Pakhro-1 and Baloch-1. Financial Highlights.
Sales revenue increased by 9.0% to Rs 142.6 billion (2008-09: Rs 130.8 billion). Net realized prices of crude oil and gas averaged US $61.37/bbl and Rs 186.47/Mcf respectively (2008-09: US $55.53 /bbl and Rs 174.78/Mcf). Profit before taxation rose by 9.4% and profit for the year by 6.5% to Rs 88.6 billion and Rs 59.2 billion respectively (2008-09: Rs 80.9 billion and 55.5 billion).
Earnings per share increased to Rs 13.76 (2008-09: Rs 12.91). Dividend declared Rs 5.50 per share (2008-09: Rs 8.25 per share). Total assets increased to Rs 228.9 billion from Rs 178.0 billion. Contribution to national exchequer Rs 80.2 billion (2008-09: Rs 86.5 billion).
Core Values Merit. Integrity. Safety. Innovation. Dedication.
Mission To become the leading provider of oil and gas to the country by increasing exploration and production both domestically and internationally, utilising all options including strategic alliances: To continuously realign overselves to meet the expectations of our stakeholders through best management practices, the use of latest technology, and innovation for sustainable growth, while being socially responsible.
Vision To be a leading multinational Exploration and Production company. During the year under review, the Company has witnessed improved financial results despite decline in crude oil, gas and LPG production, issue of inter-corporate debt, and law and order situation in some of the Company's operational areas. Company's sales revenue and profit after taxation increased by 9.0% and 6.5% to Rs 142.572 billion and Rs 59.177 billion respectively resulting in Earnings per share (EPS) of Rs 13.76 compared to Rs 12.91 during the preceding year. These results are primarily due to higher realized prices of crude oil, gas and LPG and favourable financial impact of Qadirpur gas price revision with effect from 01 January 2008.
During the year 2009-10, OGDCL's exploratory efforts resulted in six (6) new oil and gas condensate discoveries leading to addition of 14.07 million barrels of oil and 161.10 billion cubic feet of gas to the Company reserves base. Subsequently, in July 2010, another gas discovery has also been made by the Company at Sheikhan-1 ( Kohat E.L.). In addition, three new wells namely Nashpa-1 Pakhro-1 and Baloch-1 were brought into production. The Company during the year was able to acquire 2,493 L. kms of 2-D and 290 sq.kms of 3-D seismic survey in various concessions operated by OGDCL and spudded twenty six (26) new wells including fifteen (15) exploratory/appraisal and eleven (11) development wells. Work over jobs on another eleven (11) wells have also been carried out during the year.
OGDCL's production working interest basis averaged 38,075 barrels of oil per day (bopd) 976 MMcfd of gas, 202 M. Tons/ day of LPG and 70 M. Tons/day of sulphur. However, crude oil net production as on 30th June 2010 reached 41,385 bopd after commencement of production from Nashpa-1 in May 2010.
These operational and financial results have been possible largely due to the dedicated efforts of the Company's employees under the able guidance of the Management. Board of Directors and support of Ministry of Petroleum and Natural Resources. Considering the achievements made by the Company during the year together with favourable price environment, speedy development of recently discovered fields and aggressive exploration and development programme, we remain confident of the Company's growth and success in the years ahead.