The Oil and Gas Development Company Limited (OGDCL), for the first time in the history has surpassed record profit after taxation of Rs 124 billion showing an impressive growth of 36% during the Financial Year 2013-14.
It was informed during the 17TH Annual General Meeting (AGM) of OGDCL presided by Zahid Muzaffar, Chairman of the Board of Director and attended by Iskander Mohammad Khan, Prince Ahmed Omar Ahmedzai, Rehmat Salam Khattak, Hamid Farooq along with Muhammad Rafi MD/CEO OGDCL to review the performance of financial year 2013-2014 and election of new board members the other day.
The meeting was informed that the sales revenue of the company remained Rs 257 billion with annual growth of 15%. The earnings per share was increased to Rs 28.81. The OGDCL contributed Rs 132.26 billion in the national exchequer on account of corporate tax, dividend, royalty, general sales tax and excise duty etc.
Chairman Board Zahid Muzafar said that the OGDCL being the largest Exploration and Production Company of Pakistan in terms of exploration acreage, recoverable hydrocarbon reserves and oil and gas production, continued to deliver robust financial results coupled with steady operational performance during the year 2013-14.
The OGDCL acquired 29 new exploratory blocks and the current concession portfolio consists of 62 owned and operated joint venture exploration licenses along with holding working interest in 6 blocks operated by other E&P companies.
He apprised the shareholders that OGDCL succeeded to acquire 1807 line kilometer of 2 dimensional (2D) and 867 sq km of 3 dimensional (3D) seismic data during the last financial year on fast track seismic data acquisition process. OGDCL further carried out 1013 line kilometer of 2D and 301 sq km of 3D seismic data in the first quarter of current financial year.
The company has carried out spuding of 17 new wells which include 8 exploratory and appraisal wells and 9 development wells during the year 2013-2014 and made 2 oil and gas discoveries.
At present OGDCL is contributing 50% of total oil production and 29% of total natural gas during the same period.