OGDCL appoints Shahid Khan as MD/CEO
- OGDCL Board of Directors in its meeting approved the appointment of Shahid Salim Khan in place of Dr. Naseem Ahmad.
- The upcoming OGDCL MD/CEO will assume the duties on January 27.
The Oil and Gas Development Company Limited (OGDCL) has appointed Shahid Salim Khan as the company’s new Managing Director and Chief Executive Officer.
“It is hereby informed that OGDCL Board of Directors in its 219th meeting held on January 21, 2020 has approved the appointment of Mr. Shahid Salim Khan as Managing Director/ Chief Executive Officer in place of Dr. Naseem Ahmad,” read an OGDCL filing at Pakistan Stock Exchange (PSX).
The company informed that Shahid Salim Khan has been appointed for a period of three years ‘to be reckoned from the date of his joining.’ The upcoming OGDCL MD/CEO will assume the duties on January 27.
In its last 1QFY20, the OGDCL declared a profit after tax of Rs27.316 billion and earnings per share of Rs6.35. Revenue growth remained tepid in the given period; while the average realized price of natural gas witnessed an increase of 35 percent, year-on-year, that of crude oil declined by 18 percent year-on-year. At the same time, the production volumes remained under pressure due to natural decline at Rajian, Tando Alam, Sinjhoro and Qadirpur fields.
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