Net oil, gas production up by seven percent: OGDCL to start exploration activities in 17 new blocks

The Oil and Gas Development Company (OGDCL) will start exploration activities in 17 new blocks this year. Chairman, OGDCL Board of Directors, Zahid Muzaffar along with Managing Director OGDCL Mohammad Rafi, while announcing annual financial results of the company at a press conference here on Tuesday, said OGDCL's net oil/gas production during past financial year 2013-14 had increased by seven percent, while the overall increase in oil/gas production was 15 percent of which eight percent was depleted.
He added that OGDCL's BoDs, in its meeting on August 5, approved the financial results of the company for the year ending June 30. During the financial year 2013-14, OGDCL continued to deliver robust financial results coupled with steady operational performance, while successfully maintaining its position as the leading player in Exploration and Production (E&P) in terms of oil & gas reserves in the country.
OGDCL recorded improvement in its production volumes, reaching average daily net crude oil and gas production of 41,330 barrels per day and 1.17 Billion Cubic Feet per Day (BCFD) as against 40,101 barrels per day and 1.1 BCFD respectively in the previous year. Moreover, average daily production of LPG also increased by 25 M Tons. OGDCL's net sales revenue increased by 15.1 percent to Rs 257.014 billion compared to Rs 223.365 billion last year. Company's net profit after taxation increased by 35.8 percent reaching a new record level of Rs 123.915 billion against Rs 91.273 billion in the preceding year translating into earnings per share of Rs 28.81. The BoDs declared final cash dividend of Rs 3.0 per share (30 percent) totalling to Rs 9.25 per share (92.5 percent) for the year ending June 30, 2014 against Rs 8.25 per share (82.5 percent) during last year.
OGDCL was also successful on the exploration front where it realised two new finds of hydrocarbon namely Saand-1 in District Tando Allah Yar concession and Maru East-1 in District Ghotki, both in Sindh Province. The improved results indicate sustainable business growth and financial strength to undertake future exploration and development programmes leading to increased shareholders returns in the future.