Oil and Gas Development Company Limited (OGDCL) is the leading Exploration and Production (E&P) Company in Pakistan, listed on all the three Stock Exchanges of Pakistan as well as on London Stock Exchange. The Company was initially created as a Public Sector Corporation under an Ordinance in 1961 and was subsequently, converted from a statutory corporation into a Public Limited Company effective 23 October 1997.
Government of Pakistan divested 4.98% of its shareholding in the Company in October 2003 through an initial public offering (IPO). GoP further divested 9.5% of its shareholding through secondary offering in the form of Global Depository Shares to international institutional investors in December 2006 and 0.5% to the general public in February 2007. GoP has recently transferred 12% of its share to the employees of the Company through Benazir Employees Stock Option Scheme on 14th August 2009. GoP now owns 74.82% of the shares of the Company.
OGDCL's strategic direction has recently been revisited by its Board of Directors and top management and Company's Vision and Mission statements have been redefined in the light of Company's present standing and future outlook. Going forward, Company is following strategy of sustainable growth with the primary objective to enhance its reserves and production profile and ultimately maximise value for shareholders and play a pivotal role in acquiring energy security for Pakistan.
OGDCL's concessions portfolio as of 30 November 2009 stood at 35 own and operated Joint Venture (JV) exploration licenses covering an area of 68,310.92 Sq. Kms, which is the largest exploration acreage held by any single Company in Pakistan. In addition, OGDCL also holds working interest in another 7 exploration licenses operated by other JV partners. OGDCL has 44 development and production/mining leases which are operated by it besides working interest ownership in 15 non-operated leases.
OGDCL's remaining recoverable reserves as of 30 June, 2009 stood at 143 million barrels of oil and 10,220 billion cubic feet of gas. OGDCL's daily production for the month of November 2009 averaged 36,891 barrels of oil and 737 MMcf of gas. The Company also produces 142 M. Tons of LPG and 71 M.Tons of Sulphur on daily basis. Company's production share in non-operated joint venture is 6,351 barrels of oil, 242MMcf of gas and 88 M.Tons of Sulphur on daily basis.
Our workforce - the Company's Greatest Asset: The Company acknowledges its workforce - men and women of exceptional professional caliber, as being fundamental to its success. Their dedication devotion to duty and diligence has contributed towards making OGDCL the leading E&P player in Pakistan. Since the inception in 1961, the Company has grown manifold and presently has strength of 10,739 employees.
Our employees being individuals from different religious backgrounds and cultures add diversity to the Company. Emphasis is put on long term career development and the Company attracts, employs and retains individuals committed to achieving the Company's goals ad core values of merit, integrity, teamwork, safety dedication and innovation.
Health, Safety and Environment: OGDCL has developed and implemented the HSE system to improve its HSE performance and ultimately to reduce the adverse impact of its operations, activities and services on all associated elements of its activities. Health Safety and Environment responsibility are integral to the way the Company operates. OGDCL ensures the welfare of communities, the protection of ecosystems and the safeguard of its workforce in carrying out all its activities.
As a part of its corporate goals of acquiring ISO certification for all its operations, OGDCL has recently got ISO 14001:2004 and OHSAS 18001:2007 certification for Dhodak and Qadirpur Plants/Fields. This is yet another step towards Health, Safety, Environment and Quality Control excellence by the Company. Internal HSE Audits are also conducted on regular basis for each location on mandatory basis as a self imposed commitment to comply with the international standards.
Corporate social responsibility: The Company endeavours to be a responsible corporate citizen of the E&P community. Being fully aware of its social obligations, it continues to proactively promote, develop and maintain medicals, social and welfare facilities and schemes for the benefit of the local communities.
These include employment opportunities for locals, construction of roads, setting up dispensaries and providing free first aid and health care, establishing schools, granting fellowships and scholarships, supply of drinking water, donation for charitable causes and financial assistance for projects to improve the quality of life of people and communities with which it interacts.
OGDCL provides health care facilities, in addition to free service of doctors, dispensaries and ambulances round the year to the inhabitants living in and around OGDCL fields. The Pakistan Center for Philanthropy (PCP), an independent non-profit support organisation, has awarded OGDCL twice for generously donating for philanthropic causes.
OGDCL was ranked first and second respectively in the category of top performing companies by volume of donations for social development for two consecutive years-2006-07 and 2007-08. The Company generously donates an amount of Rs 500 million for earthquake relief to the President's relief fund.
OGDCL also joined hands with the World Bank of the Mazoori Majboori Nahi" Project, a program that will support the creative and innovation initiatives to improve lives of people with disabilities, and donated US $10,000/- in the major donor category. Such donations and other social activities regularly carried out by the Company are a clear manifestation of OGDCL's commitment to be a socially responsible corporate entity.
OGDCL not only paves the way for progress and prosperity of the communities in and around its operating areas, but while doing so, is also aware of and observes local traditions and ethnic practices out of mutual respect for social and cultural differences.
Future Outlook: OGDCL has a strong vision and passion to contribute to the E&P sector to enhance provision of energy resources to the country. With a strong presence in the length and breadth of the country, OGDCL is looking beyond geographical boundaries for E&P opportunities.
It is presently evaluating a number of international opportunities which is an on going process and in line with other aspirations to go international. With technical prowess in onshore exploration and production it has changed focus to a more challenging area ie offshore exploration. OGDCL is also actively pursuing international opportunities.
The Company also intends to enhance its reserves and to focus on, and strengthen core business (E&P) functions by incorporating international best practices and innovative thinking in Company culture in order to align itself with its recently defined vision and mission statements.